 savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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 Posted: Thu Aug 27, 2009 3:46 am Post subject: |
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Hi,
FHA insured 203k loans are good option for all those who want to purchase a property that requires repair and improvements. Most lenders will not lend money against properties unless it is good in condition and offers full security for the loan. A section 203k is a combination of a short term rehabilitation loan and a permanent fully amortized loan.
In order to be eligible, the property must be 1-4 family dwelling. The loan can be used to convert a signle family dwelling to 2,3 or 4 family dwellings. However, co-operative units are not eligible for the loan. A 203k mortgage can be used to rehabilitate condominium units approved by FHA, VA or FNMA. But only the interior of the condo unit is eligible to be rehabilitated; rehabilitation of the exterior is not allowed.
There are quite a number of lenders in this community who offer FHA loans in Indiana. You can seek a no-obligation free mortgage consultation with the community lenders. They will assess your credit scores, income and other eligibility factors and will let you know if you can qualify for a 203k loan. |
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