When using a 203(k) loan to purchase and renovate a home, there is a minimum down payment of 3.5% of the purchase price plus renovation costs. This can allow you to purchase and rehab a home with a minimal cash investment.
Single Family Residential Homes Allowed
The process is simple if you are working with the right loan officer.
Now with the process complete, you can enjoy your new home!
The loan can be used towards the following property repairs and improvements:
Any luxury item and/or improvement that does not become a permanent part of the subject property is not eligible, including:
We require a minimum middle FICO score of 620 for this program. Most lenders require a minimum FICO score of 640, which means we can qualify more borrowers. Also, many lenders will only offer the 203(k) Streamline, but not the regular 203(k). The Deibler Group, the Frederick MD division of Goldwater Bank, N.A, offers both.
Contact us today to receive more information.
We will contact you within 24 hours to review your options.