Requirements to qualify for a FHA 203k Rehab Loan

FHA 203k Rehab Loan: Guidelines and Requirements

Introduction Restoration, repairs and renovation of your house can be a costly affair.

However, the FHA 203K Rehabilitation Loan Program is an appropriate solution and may well allow your dream of restoring and renovating a house to materialize.

Contact us: 1-877-949-3739

www.drewmortgage.com

What is a FHA 203k Rehab Loan for a House?

FHA 203K Rehab Loan program is intended for those borrowers who wish to cover both the purchase and renovation costs under one program.

Contact us: 1-877-949-3739

www.drewmortgage.com

Benefits of FHA 203K Rehab Mortgage Program ● FHA 203K is a great option for first-time buyers in MA. ● Unlike a standard mortgage loan, you to spread your payments for the renovation over the life of the loan ● Interest paid on these components are eligible for income tax deductions. ● The program also offers a reduced down payment and relaxed rules on credit scores Contact us: 1-877-949-3739

www.drewmortgage.com

Who Qualifies for a FHA 203k Loan? ● You must intend to use the house as your own place of residence. ● The cost of the restoration, renovation must be at least $5,000. ● Your credit score must be at least 620 or 640, depending on the lender. ● Your maximum debt-to-income ratio should be 41% to 45%.

Contact us: 1-877-949-3739

www.drewmortgage.com

Recommendation Apart from the pre-requisites to qualify you will need to complete paperwork. For this, it is a good idea to work with a professional mortgage lender.

Contact us: 1-877-949-3739

www.drewmortgage.com

If you’re looking for a mortgage agent in MA, Drew Mortgage Associates might be the perfect fit to guide and assist you through the application process for the FHA 203 Rehab Mortgage Program.

With expert mortgage agents on hand, they can ensure your application is successful.

Read more at: https://www.drewmortgage.com/fha-203k-rehabilitation-loan-inma-guidelines-and-requirements/

Contact us: 1-877-949-3739

www.drewmortgage.com

DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/

Peabody Mortgage Lenders

Boston Mortgage Lenders

1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080

232 Commercial St Boston, MA 02109 Phone: (617) 523-3060

Contact us: 1-877-949-3739

www.drewmortgage.com