Create your own DREAM HOME with a FHA 203K , Serving Arizona, and the rest of the US. We are the FHA 203K  Loan Specialists!

FHA 203k loans can used on that home that needs some TENDER, LOVING, CARE. If you find a fantastic foreclosure deal, have a purchase deal that does not met FHA standards or you want to turn your home into your dream home. FHA 203K can help you.

Clients with credit Issues we can help!

Clients with low equity we can help!

How Can FHA 203K Loans Be Used?

FHA 203K renovation loans are used in two different ways:

1. To purchase an existing home (and the land attached to that home) to renovate it.

2. To payoff existing debt on a current residence and renovate it.

Made available to certain lenders by the U.S. Department of Housing and Urban Development (HUD), the FHA 203 (k) program has already provided many buyers with the funds necessary to buy their first home, or greatly improve a current home. The FHA 203 (k) loan is available to borrowers of all income levels, to to homeowners who plan to occupy the house, and for homes with one to four units.

For more information please click here and we will help you get qualified.

 

FHA 203 (K) Renovation 203K Eligible Borrowers: Owner Occupants - Purchase - Refinance Non- Profits Investors NOT allowed Types of 203K Loans: 30 or 15 year fixed rates One year ARMS Assumable to a qualified buyer, with no money down Eligible Properties: Single family dwellings Condominium Townhouse Mixed Use (Storefront) 1-2 Unit buildings- you can increase or decrease the number of units with this loan. Home Inspection: The cost of your construction is estimated by an FHA Approved 203(k) consultant(estimator). The cost consultant assists you in determining the scope of repairs and the costs budgeted for renovation job. Perform a home inspection to create preliminary costs estimates based upon FHA minimum property standards plus the scope of work as defined by the home owner/buyer. Once the projects has been determined, the cost consultant prepares a "work-write up" and 3 contractor bid packages are issued to the home owner/buyer. Appraisal: The appraiser will be given a copy of your "work write up" to estimate an after improved value for your new or current home. We loan against the improved value thus allowing you to finance the cost of repairs.

Other Eligible Cost: (THESE COSTS MAY BE FINANCED INTO THE MORTGAGE LOAN) Contingency reserve (10-15%) Up to 6 months PITI mortgage payments Permit costs Consultant fees Inspection and title update fees Architectural & Engineering fees (if needed) Eligible Work Items Repair/replacement roofs, gutters and downspouts Repair/replacement/upgrade of existing HVAC systems Repair/replacement/upgrade of plumbing and electrical system Repair/replacement of flooring Exterior and interior painting Minor remodeling, such as kitchens, which do not involve structural repairs. Weatherization; including storm windows and doors, insulation, weather stripping, etc. Purchase and installation of appliances - including free-standing range, refrigerators, washers/dryers, dishwashers and microwaves. Improvements for accessibility for persons with disabilities Lead based paint stabilization or abatement (HUD REO's) Repair/replace/add exterior decks, patios, porches Basement finishing and remodeling, which does not involve structural repairs. Window/door replacements and exterior wall re-siding Septic systems and/or well repair or replacement

Ineligible Work Items Any items that do not appear on the eligible list of that would: Necessitate a "consultant" to develop a "Specification of Repairs/Work Write-Up" Require plans or architectural exhibits; Require a plan reviewer Require more than six months to complete (HUD will not grant extensions) Result in work not starting within 30 days after loan closing; or Cause the mortgagor to be displaced from the property after mortgage loan closing. Structural Alteration and Reconstruction: Changes for improved functions and modernization Elimination of health/safety hazards Changes for aesthetic appeal Plumbing, heating air conditioning, and electrical upgrades Well and/or septic repairs Roofing, gutters and downspouts Flooring, tiling and carpeting Energy conservation improvements Major landscape work and site improvement Access for the disabled Here are a few suggestions to get you started: Get pre-approved using our online application Locate a home and submit a contract Once the contract is accepted, contact us for the names of FHA approved consultants to get you started.