We here at PowerHouse Solutions are experts with the Miracle Rehabilitation Loan known as the FHA 203k Loan.
So many Buyers today are eager to purchase homes at below market prices. Often these homes are in need of serious repairs or improvements to update the property. The 203k Program handily meets those needs.
This miracle program allows you to purchase the home and obtain the monies for repairs or home improvements all rolled into a single loan with a SINGLE monthly FIXED RATE payment.
The repairs can cost as little as $5,000 or can run as high as necessary to gut-rehab a home. The limit on the repair monies that can be included in the loan is the Loan-To-Value Limit based on statutory FHA Loan Limits in your area. And this LTV percentage is calculated based on the value of the house AFTER improvements. You can request that up to 6 months’ worth of mortgage payments be included in the loan so you don’t have to pay two monthly housing expenses—rent and mortgage—while the house is under construction.
With more REO properties offered for sale, more Home Buyers will need the 203k Program and PHS is here and ready to help you make those purchases happen!
Contact a PHS Solutions-Provider today to get Prequalified for this Miracle Loan Program!
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