KDR Contractors has become a specialist in 203k rehab loans. We are experts in filling out the paper work and working with HUD consultants to make sure your project goes smooth. Since we are also appraisers understanding and satisfying FHA guide lines is easy for us to do. KDR will help the client through the process from beginning to end so they feel at ease.
Here is a little bit of information on the topic.
What is a 203K Loan?
The 203k loan is a specialized renovation or construction loan, backed by the Federal Housing Administration. It is available to both buyers and refinancing households, and combines the traditional “home improvement” loan with a standard FHA mortgage, allowing homeowners to borrow their renovation costs.
What is a Rehab Loan?
An FHA 203(k) rehab loan, also referred to as a renovation loan, enables homebuyers and homeowners to finance both the purchase or refinance along with the renovation of a home through a single mortgage.