Finding the perfect home can be hard work. You might find something you love, only to realize that it needs some work before you live in it. While you could take out a line of credit after buying the home, that is expensive and a real hassle. You can make the process much easier by getting an FHA 203(k) loan.
This loan covers the cost of the home, along with the cost of repairs. That means you can get your mortgage and still have enough money left over to remodel the kitchen or finish the basement.
If you’re going to get an FHA 203(k) loan, you have to go through one of the Federal Housing Administration’s approved lenders. The U.S. Department of Housing and Urban Development insures the loans. That makes the loan easier to get than some of the other options out there are.
Benefits of an FHA 203(k) Loan
If you’re on the fence about using the FHA 203(k) loan program, you need to check out the benefits.
- Save time on securing the money for repairs.
- Make repairs more affordable due to lower interest rates.
- Provide tax deduction options.
- Speed up the repair process.
Most importantly, FHA 203(k) loans allow you to live in the home of your dreams, even if you have to put some work into the process. This makes it much easier to find a home in California. You can finally pull the trigger on that fixer-upper you’ve had your eye on or get the perfect starter home. These loans open up your options like never before.