Gauge Construction is a certified 203k contractor. What is an FHA 203K Loan?
An FHA 203K Loan is a type of an FHA loan that permits homebuyers to finance repair/improvement money into their mortgage to repair, improve or upgrade their home. With this loan option, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser or homebuyer preferences, such as energy efficient improvements, replacement of existing countertops, appliances, floor coverings, etc. There are two types of FHA 203K Loans: Rehab (minimum $5,000 up to 110% of the improved appraised value) & the Streamline (works is less than $35,000…up to 110% of the improved appraised value). Because the FHA 203K Rehab loan is extremely complicated and rare, the most common version is the FHA Streamline 203K Loan. Example: Purchase price is $100,000. Upgrades/Improvements will cost $15,000. Borrowers loan amount is $115,000 (max 110% of after fix-up appraised value) What are the benefits of using and FHA 203K Lo
