FHA 203k Loan
If you are seeking information about the FHA 203k Loan program, you have found the right company! East West Mortgage has been helping consumers with their mortgage needs including the FHA 203k program since 1986.
The FHA 203k loan program is basically a home improvement loan; it is a program for renewal and repair of single family properties, condominiums and townhouses. The FHA 203k program is an essential tool for the community and neighborhoods restoration; this gives an opportunity to consumers to expand becoming homeowners.
Borrowers may obtain just one mortgage loan to finance the property whether it is undergoing acquisition or rehabilitation, but if you decide to do so, this would mean that you will have a long-term fixed rate. There are a few different types of 203k loan, there is a 30 or 15 year fixed rates and one year ARMS.
Borrowers can use the FHA 203k loan to change for improved functions and modernization, major landscape work and site improvement, changes for an inventive appeal, flooring, tiling, and carpeting.
FHA 203k Loan Benefits
The FHA 203k program has great benefits with FHA standard guidelines, 3% down payment is required, qualify with flexible credit, finance up to 6 months of mortgage payments, assumable loans, purchase or refinance and improve all in one loan and no up front mortgage insurance. Whatever your mortgage needs is; East West Mortgage's team of mortgage brokers will work hard to insure you receive our best interest.
