What You Need to Know About FHA 203(K) Loans When Buying Your Home
Buying a fixer-upper house and turning it into your dream home can sound like the perfect idea. If you’re interested in transforming a house into your dream home, then you might be interested in getting FHA 203K financing. An FHA 203K loan is backed by the federal government, and is given to home buyers who want to buy and renovate homes.
Here’s how it works:
Say you want to buy a home, and it needs a brand new bathroom and kitchen. An FHA 203K lender would give you the money to buy (or refinance) the house, plus the money to do renovations.