Create the home of your dreams with the FHA 30 Year Fixed Rate 203(k) Rehabilitation Loan Program. Rehab loans help you improve your existing home or even buy a home that’s in need of updates or repairs. With this program, you can finance both the purchase or refinance along with the renovation of your home through a single mortgage, instead of applying for multiple loans.
Program Highlights:
Minimum credit score is 620 for all borrowers
Maximum 55% DTI for credit scores >680
Maximum 50% DTI for credit scores 640-679
Maximum 43% DTI for credit scores 620-639
An FHA 203(k) consultant is required
No funds are disbursed in advance
Up to 5 disbursements can be made
No maximum rehabilitation escrow amount
Funds are disbursed to the contactor as work is completed and inspected
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