You just found a GREAT deal on a house! And you know that with some improve- ment this could be a GREAT home. But there’s just one little problem...

The purchase of a house that needs repair or rehabilitation can be a catch-22, because most banks won’t lend you the money to buy the house until the repairs are complete. And you can’t complete the repairs until you purchase the house.

John Considine with RehabMan Mortgage can help you solve this dilemma with FHA's 203K Loan program.

This specialized 30-year fixed rate loan option through HUD (Department of Housing and Urban Development) is designed to help purchase (or refinance) a property that also includes the cost of making repairs and improvements.

Even better, the down payment minimum is only 3.5% and you can finance up to 110% of the future value of the home. Plus, if you have concerns about making two house payments (or rent) while your home is being remodeled, you have the option of no out-of-pocket expenses for up to six months during construction.

Choose the 203K Loan that meets your needs:
  • Streamlined: The 203K Streamline Loan is best for owner-occupied homes that need minor repairs. It has no minimum for repair costs, but has a cap of $30,000.
  • Standard: The Standard 203K Loan is used for owner-occupied homes that need major rehabilitation. There must be at least $5,000 worth of repairs, and loan limits are based on property type and location.
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" John helped me with
my home loan including
a provision for repairs.
He is a hard working guy
who keeps peoples' best interest in mind. "