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FHA 203k Loans for Fixer Upper Homes

[ 1 ] December 13, 2010 |
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FHA has a program aimed at helping people with renovation projects.  This program, referred to as the 203k loan, is a great boost to potential buyers or existing home owners.

In the past people that wanted to buy a home in need of some general repairs or updating had to do one of two things.  They could negotiate with the seller to lower the price and then pay for the repairs after the purchase.  Or they could ask the seller to make the repairs in exchange for more money.  The FHA 203k is a better alternative to either of these scenarios.

The 203k program will grant people a loan to purchase a property and make improvements to it at the same time. The money that is necessary for the purchase is given to the seller and they go along on their merry way.  The money needed for the rehabilitation of the property is put into escrow while a licensed contractor performs the work.  Once the work is completed and passes inspection the funds are released to the contractor.

This is a great way for people to buy a home that is likely less than their budget for a home purchase and improve the home with modern touches.  New carpet, paint, modern appliances and roofing are some common examples of ways that people have incorporated this program.

These programs are offered with the same type of rates and terms as other FHA loans so that people are sure to get an affordable mortgage with a solid fixed rate.

For additional information, visit our FHA 203k Loans page.

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Category: FHA Loans

About Aiman Abozeid:

I am the Branch Manager at Inlanta Mortgage Madison office, I have been serving the state of WI and Madison area for over 13 years, starting first with First Wisconsin Mortgage and now with Inlanta Mortgage I have focused my attention in providing my customers with a easy, painless loan process.

Inlanta Mortgage has emerged as one of the leaders in mortgage banking in the Madison area by focusing on developing relationships and creating a “value” for each customer they service. One of my firm beliefs is handling each customer independently of the next, providing knowledge, accountability, and exceptional service. Inlanta incorporates each of these characteristics in maintaining their business strategies and insuring future customer loyalty.

By working with me, you have the ability to experience a processing system right here in Madison, yet get the benefit of many different lenders and the niche’s they serve. Local service means quick decisions and closings that will happen on time. Since buying a home is one of the most important decisions of a person’s life, I have to make sure it’s a smooth and enjoyable process. I specialize in many different purchase programs from first time home buyers to move up buyers or investment properties, we have all the latest mortgage programs available including Reverse Mortgages for people over 62 years of age which is becoming a very popular loan alternative.

Aiman Abozeid
Email Me
Toll Free: 877-240-5810
NMLS ID #237450

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  1. Inlanta Mortgage is a leader in 203k loans. In addition to using a knowledgeable 203k lender, it is as equally important to use a contractor knowledgeable of and experienced with the 203k. These Certified 203k Contractors can be found on the 203k Contractor Directory at http://203kContractors.com.

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