Learn how this type of loan can be used on a fixer upper.
A 203k Rehab Loan is an ideal government backed loan program used by home buyers to fix up a property that they are purchasing so that it can be FHA eligible.
This specific rehab home loan gives you access to necessary funding to apply towards new windows, a new roof, flooring, appliances, plumbing upgrades, electrical matters and many other improvements.
The 203k Rehab Loan is not limited to single family residences. It can be used towards single to four-family dwellings that have been completed for at least one year.
203k Rehab Loans can take longer to close than an average home loan. Lenders can require at least 60 days to close on the property.