FHA 203K REHAB Loans

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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NOT A GUARANTEE, OFFER OR AGREEMENT. EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING NMLS ID #2129 (www.nmlsconsumeraccess.org) 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. © 2017. Information, rates, & programs are subject to change without prior notice. Subject to credit & property approval. Not affiliated with any government agency. Intended for Texas Consumers Only. Texas- SML Mortgage Banker Registration Residential Mortgage Loan Originator.