Yes, as said below, 203k loans are a reality.
There still seems to be a little confusion with some on the limits of an FHA 203k loan. I've just arranged financing for two clients' using the FHA 203k loan.
One was for a $257,000 purchase with $80,000 in repair costs, totaling a $349,000 loan amount.
The other was $109,000 purchase with $17,000 in repair costs added to the loan. This is referred to as an FHA 203k Streamline loan because of the lower repair amount, there are less requirements.
FHA 203k loans are a little more complicated than a regular mortgage loan in that the borrower &/or their contractor must provide all labor & material costs upfront, however they are well worth the extra paperwork. It's like having a trusted adviser (the lender) on your side to be sure you have everything planned AND priced appropriately.
Please feel free to contact me if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!