FHA 203k Home Loan
FHA 203k Overview
The HOUSE Team‘s FHA 203k program is designed to help FHA home buyers finance the cost of desired and required repairs and renovations into their new home loan.
An FHA 203k loan allows an FHA home buyer to close on their home purchase and then complete the repairs and renovations after closing on their Arizona FHA loan.
FHA 203k Eligible Repairs
This program allows an FHA borrower to address required repairs noted by the appraiser AND renovations they would like to have done to the house.
Maximum Amount To be Financed
An FHA 203k loan allows an Arizona FHA buyer to finance up to 50% of the home’s improved value (value after repairs/renovations are complete) up to a total of $150,000 in repair costs. Max loan amount is subject to County FHA Maximum limits.
Minimum Down Payment Required
Contact us for more information.*
*current industry compliance regs prohibit this type of info being disclosed on a website
The down payment on a purchase transaction is based off of the following 2 step calculation:
Down Payment Calculation:
Step 1: Purchase Price + Cost of Repairs + Contingency = Total Cost to Borrower
Step 2: Total Cost to Borrower x 3.5% = Borrower’s Minimum Down Payment Required
Maximum Time Allowed to Complete Repairs
The FHA 203k program allows up to 120 days for the repairs to be completed. This time is measured from the date the loan closes for both refinances and purchases. Exceptions to the 120 day rule granted on a case by case basis.
Other Renovation Loans
Arizona FHA Resources
Please contact The HOUSE Team with any questions and to learn more about how our FHA 203k program can help you address repairs that have are required by an FHA appraiser and can also finance renovations you desire to make to the property.
Team Phone: 602.435.2149
Team Email: Team@JeremyHouse.com
By Jeremy House