The FHA 203k is a renovation loan program that provides funds for both the purchase and renovation of a home. There are two types of an FHA 203k loan. The first is normal 203k, which is given for properties that need structural repairs such as a new roof or a room addition. The second is the streamlined 203k, which is given for non-structural repairs such as painting and new appliances, and has a maximum repair budget of $35,000. The minimum repair amount is $5000. There are additional steps in the process to obtain the benefits for this type of loan, so having an experienced lender on your side is crucial.
If you are looking to purchase or refinance a home in Troy, or anywhere in the United States, contact Alex Kandah - Bank of England Mortgage at (248) 633-8555 or simply fill out the form on this page for prompt, professional, honest guidance.