FHA 203K REHAB Loans

Specialty Loans

Create the home of your dreams with the FHA 30 Year Fixed Rate 203(k) Rehabilitation Loan Program. Rehab loans help you improve your existing home or even buy a home that’s in need of updates or repairs. With this program, you can ­finance both the purchase or refi­nance along with the renovation of your home through a single mortgage, instead of applying for multiple loans.

Program Highlights:

    Minimum credit score is 620 for all borrowers

    Maximum 55% DTI for credit scores >680

    Maximum 50% DTI for credit scores 640-679

    Maximum 43% DTI for credit scores 620-639

    An FHA 203(k) consultant is required

    No funds are disbursed in advance

    Up to 5 disbursements can be made

    No maximum rehabilitation escrow amount

    Funds are disbursed to the contactor as work is completed and inspected

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