If you’re in the market for a fixer-upper, the best way to fund the purchase and renovation of your new home is an FHA 203k loan, also known as an FHA Construction Loan. It’s a popular choice with plenty of benefits, such as:
• FHA 203k loans are perfect for homes that need repair. You don’t have to spend so much upfront for repairs since financing already includes the funds for construction.
• Savings. A rehab loan helps you keep your savings while providing the funds to finance the rehabilitation.
• Low interest. FHA loans are popular because they have low-interest rates --frequently lower than what non-government-backed loans can offer.
• Enjoy great deals. Rehab loans allow buyers to purchase homes at a lower price.
• Customization. With an FHA 203k loan, you can upgrade your home the way you want it.
Essence Lending LLC NMLS 2476488. Essence Lending is an Equal Housing Lender. For informational purposes only. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend or extend credit. Programs, rates, terms and conditions are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply.
