203K Loans

WHY a
203K LOAN

Does your home need some TLC, we got you covered! The main benefit of a 203K Loan is that it gives you the ability to buy or refinance a home in need of repairs that you might otherwise have been unable to qualify or afford to buy. Plus, the down payment requirement is often as low as 3.5%.

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203k LOAN

THE 203K LOAN PROCESS

The 203k loan process is designed to be simple and straightforward. Once you've identified a property in need of repairs, the process begins with obtaining quotes from licensed contractors for the work needed. After the quotes are gathered, your lender will review them to ensure they meet FHA guidelines.

Once your loan is approved, the funds for both the purchase (or refinance) of the home and the renovation costs are placed into an escrow account. From there, the renovation process can begin. Throughout the renovation period, your lender will disburse funds to the contractor as work is completed.

After all the work is finished, a final inspection is conducted to ensure everything has been completed according to plan.

With a 203k loan, you can turn a fixer-upper into your dream home, all with one convenient loan.

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HERE’S HOW our APPLICATION PROCESS WORKS

Submit an application either online or in-person at the lender's office.

Gather necessary documents such as proof of income, employment history, and identification.

Await conditional approval, in which the Lender assesses your financial situation, verifications are complete and loan decision is made.

Provide additional conditions, and documentation requested by Lender to obtain a final approval.

Await a Clear to Close! It is time to cross our T's and dot our i's. This involves a thorough review of your application, verifications, and financial documents.

Funding & Recording made easy! Close on your Mortgage stress-free. Sign all required Loan documents in front of a Notary. The Recording process with the County typically occurs on the following Business Day.

KEYS! Once Recording occurs you are ready for your keys! You will receive your new Mortgage information package within 10-15 days from recording.

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SERVICES

OTHER Services

In addition to our primary services, we offer a range of other mortgage solutions to meet your unique needs. Whether you're purchasing a new home, refinancing your current mortgage, or exploring alternative loan options, we're here to help.