Fixer-uppers can be transformed into fantastic places to live. They can also get expensive. In addition to your mortgage loan, you will often need to pay for repairs out of pocket or get a short-term, high-interest loan. What if you could combine your home purchase and the cost of renovations in a single loan? With an FHA 203(k) rehab loan, you can!
FHA 203(k) loans (also known as renovation mortgage loans) let you purchase or refinance a home by combining the mortgage and repairs into a single loan with one monthly mortgage payment.
This post will explain how FHA 203(k) rehab loans work, their requirements, and the pros and cons of getting one.
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