Home > Blogs > California > San Bernardino County > Ontario > 203k Consulting Ontario Call Now for faster service 323 309-0722

Same Day 203k's Blog

By Same Day 203k 309 9722 | Home Inspector in Los Angeles County, CA

203k Consulting Ontario Call Now for faster service 323 309-0722

Need a HUD Approved 203k Consultant? 

Call Same Day 203k Service!

Call Now  323 309 9722    Get Your free Consultation Now!

An FHA’s 203k rehab loan is similar to a construction Loan. It combines the money needed to purchase or refinance the home–plus the funds to make repairs–into a single loan due up to 30 years after work is completed.

A Conventional rehab loan is generally a financed owner-occupied, one- to multi-unit properties, as well as second homes and investment properties. They finance the rehabilitation of approved (Fannie Mae-warrantable) condominiums, cooperative housing and planned unit development (PUD) properties.
293k FHA finances only owner-occupied homes that SFR or have one to four units, condominiums in FHA-approved projects and certain “mixed-use” properties that have residential and commercial zoning.

An FHA 203k loan requires a 3.5 percent down payment or 3.5 percent equity after improvements, based on the new value. The loan is repaid over the life of the loan, generally 30 years.

Conventional financing typically requires a higher credit score and down payment. In refinance transactions, the home requires sufficient equity to make the improvements. The home must have equity after repairs are completed, based on the new appraised value. Fannie Mae rehab loans are repaid over a loan term of 15 or 30 years. Construction loans are due upon completion of the work. A home owners may refinance the home and cash out on the new value to repay the lender.





same day 203k consulting

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer