|MySecretAgent, a top "For Sale By Owner" and "Flat Fee MLS" Brokerage.|
Friday, July 13, 2012
FHA's 203K Loan
Got a fixer upper? The FHA's 203K Loan may be the best loan to fix up your not so perfect home. This loan requires a down payment of 3.5%, as all FHA mortgage loans do, but the total loan amount will be based on the sale price plus the estimated cost of renovation. An appraiser will need to estimate the "as-repaired" value of the home as part of the loan approval process.