mortgage

7 crucial facts about FHA loans

Mortgage » Basics »

You can borrow cash for repairs
Extra cash available for repair | Mik Lav/Shutterstock.com

You can borrow cash for repairs

The FHA has a special loan product for borrowers who need extra cash to make repairs to their homes. The chief advantage of this type of loan, called a 203(k), is that the loan amount is based not on the current appraised value of the home but on the projected value after the repairs are completed. A so-called "streamlined" 203(k) allows the borrower to finance up to $35,000 in nonstructural repairs, such as painting and replacing cabinets or fixtures.

advertisement

          Connect with us
advertisement
advertisement

Blog

Holden Lewis

Trump halts FHA fee cut

The Trump administration has suspended a cut in fees on FHA-insured mortgages that had been set to take effect this month.  ... Read more

advertisement

Connect with us