It’s essential for you to understand what an FHA 203k Rehab loan has to offer, so that you can benefit from the loan. Unless you know every aspect of an FHA 203k Rehab Loan, you won’t be able to leverage it. An FHA Rehab loan has the potential to make a fixer-upper become your dream home. You may have found a home that resembles your dream home but needs some restoration. This is where you can leverage the FHA 203k Rehab Loan. A FHA Rehab Loan will add value to the fixer-upper.
Leveraging the FHA 203k Rehab Loan
How to Leverage the FHA Rehab Loan
1. Preserve Your Savings:
The FHA 203k Rehab Loan provides funds for buying and repairing a house. If you have found your dream home that requires rehabilitation, then the FHA 203k Rehab Loan is the best loan program for you. Rehabilitating a house is very expensive. If you use your savings for rehabilitating a house, you may end up with no savings leftover. A rehabilitation project requires a lot of money. This is where the Rehab Loan comes in.
2. Low-Interest Rate:
With a 203k loan, you get a low-interest rate, lower than the average interest rate. This will help you save money each month.
3. An Excellent Deal:
An FHA 203k Rehab Loan is designed for homes that need renovations. This loan provides funds for purchasing and repairs, which makes it a unique loan. You can purchase a fixer-upper at a lower price than a move-in ready house, and then you can rehabilitate the home using these funds.
4. Personalize Your Home:
The Rehab Loan provides funds to improve a fixer-upper. You can use the FHA 203k loan for structural repairs, remodelling, a new garage or landscaping, energy conservation improvements, new roofing, new appliances, or non-structural repairs such as painting. This loan also provides funds for plumbing, flooring, repairing decks, patios, remodelling of bathrooms and kitchens, repairing of heating and air conditioning systems.
Move in ready homes sell quickly, but they are more expensive. With the help of FHA 203k Rehab Loan, you can save money by choosing from a variety of houses and remodel a house you want to buy.
6. Current Home Upgrade:
Do you want to add a bedroom, remodel your kitchen, or make repairs to your current home? An FHA 203k Rehab Loan lets you rehabilitate your home. You can refinance and combine the cost of rehabilitation into your new mortgage.
If you’re looking for a mortgage lender in MA, Drew Mortgage Associates, Inc. can help! Drew Mortgage Associates, Inc. is a Boston mortgage lender that can provide mortgage loans or refinance your loan to a low-interest rate or reduced term. Our home loan officers will assist you throughout the home loan process and update you on the status. If you’re looking for a reliable mortgage lender in MA, Drew Mortgage Associates, Inc. is the name you can trust! What are you waiting for? Call Drew Mortgage Associates, Inc. today!