The FHA 203k Loan is a great mortgage option that can provide clients up to $45,000 on top of their purchase loan for property upgrades.  It is specifically for renovation of a purchased home (but can also be used as a refinance option for people who want to renovate their existing homes).

This loan allows buyers to add up to:

$35K for non-structural home improvements and upgrades

$8K for Energy Efficiency Upgrades (Ex. windows, furnace, insulation, energy star appliances, etc.)

$2K for Weatherization Upgrades

These loans are the perfect solution for buyers who want to buy a “fixer upper” or even those who simply want to update a home that doesn’t have the granite countertops and new appliances they want.

While these loans are perfect for the right buyer, they can be tricky to navigate.  Make sure you work with a loan officer who knows the ins and outs of the 203K process and can minimize the impact on the borrower.

For more information, or to see if you qualify, contact Carl Churchill, Mortgage and Refinance Specialist, at 801.573.8475 or carl@mortgagebycarl.com.