Our 203K Loan Rates Are Low & Our Process is Quick & Painless
An FHA 203K loan is backed by the federal government and is given to buyers who want to buy a damaged or older home and do repairs.
Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. In addition to providing a low 203K loan rate, a lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations.
Often the loan will also include: 1) an up to 20% “contingency reserve” so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested and/or 2) a provision that gives you up to about six months of mortgage payments so you can live elsewhere while you’re remodeling, but still pay the mortgage payments on the new home.
Drexel Hill Mortgage will find you the best 203K loan rates. Our process includes the tools and expertise that will help guide you along the way, starting with our FREE 203K Loan Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you – whether you’re a first-time home buyer or a seasoned investor.