1steaglemortgage

203k Loan

FHA’s 203k loan program is designed to finance the purchase and renovation of your home, find all in one loan and allow you to turn your house into your dream home.

203k loan

A 203k Loan may be right for you if your needs include:

  • Buying a “Fixer-upper” or a Foreclosed property needing renovation
  • Funds to both purchase and upgrade your dream home
  • Refinancing and renovation of your existing home

Advantages of a 203k Loan

  • Loan amount based on the home value including renovations
  • Only one loan needed to both purchase and improve
  • Refinance and rehab your own home
  • Can be used to buy property otherwise not eligible for financing

Who Qualifies for a 203k Loan?

  • A minimum down payment of 3.5%
  • credit score as low as 550
  • You currently have no other FHA loans
  • You DO NOT have to be a first-time buyer

FHA Loan limits vary by market. In the Chicago area it is currently $365, $700 for a single family property and up to $703, for a four unit property.  Please contact a 1st Eagle Mortgage, Inc. loan expert at 847.441.4116 to verify the current loan limits.

 

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