How to buy a house with Renovation Loan or FHA 203K Loan
It is possible to buy a house that need repairs or upgrades using FHA 203K loan with as little as 3.5% downpayment or use a conventional purchase renovation loan with as little as 5% downpayment.
Watch Video: Buying a home with Renovation Loan
- Here is a description of the 203(K) Rehab Mortgage Insurance
- Check out the FHA mortgage limits here
These renovation mortgage loans are ideal for home buyers who want to convert a house into their dream home.
It also works great for home buyers who do not have the extra cash to make repairs or make home improvements and updates to the property.
With a renovation loan, you can make improvements and upgrades to the home before you even move in and finance all the costs into your mortgage.
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FHA 203K loans have a minimum 3.5% downpayment and conventional renovation loans require as low as 5% downpayment.
Why use a purchase renovation loan?
If the San Diego house that you are buying has great bones/ in your preferred location, but perhaps it looks like a cosmetic fixer/ fixer upper, then you could still buy the house and finance the cost to update and repair the house using renovation loans.
You get to choose the finishes and materials that you want, make energy improvements, and cosmetic improvements such as new flooring/ carpet/hardwood floor or tile, paying, new kitchen/ cabinets, new landscaping, etc.
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