A 203k Loan is Perfect if You’re Making Renovations
As with all of our loans, we do everything we can to provide you with the best possible options. Southern Home Loans stands above the rest when it comes to understanding what loan is best for your specific situation.
In certain situations, one loan will work better for you than another, and that’s why we offer all of our potential customers as many options as we can find for them.
When you go through our simple application process, you might find that a 203k Loan will be best for you.
What is a 203k Loan?
A 203k Loan process is a government-backed loan for those who are looking to renovate an older or damaged home. This loan is perfect for those who want to do renovations on a home they’re buying or refinancing.
Generally speaking, those who are looking to invest in real estate and turn a profit are the most likely to want a 203k Loan.
The specifics of a 203k Loan Rates
- Provides both the money to buy or refinance the home and make the necessary repairs and renovations.
- Often allows for a “contingency reserve” of up to 20% just in case the renovations cost more than expected
- Can provide provisions that allow you to live somewhere else for up to six months while the renovations are being made
How we make it all easier
Applying and qualifying for a 203k FHA Loan has never been simpler than with Southern Home Loans. Once you fill out our Loan Qualifier, you’ll know which type of loan is best for you, and you’ll be able to make an educated decision based upon interest rates and the terms of each loan.
For those who are interested in a 203k Loan to renovate an older or damaged home, we’ll provide a list of different options in a matter of minutes instead of trying to push you into any decision that you’re not comfortable with.