Have you ever heard of the 203k rehab loans offered through the Federal Housing Administration (FHA)? If you’re rehabbing Santa Cruz homes, it might be just the loan you need.
What is a 203(k) Loan?
The FHA developed the 203(k) program to help revitalize homes throughout the country. This program provides insured loans that can be used to rehab, rebuild or modernize existing Santa Cruz homes.
What are the Benefits of a 203(k) Loan?
This is a one-stop loan, which means one loan finances both the purchase and rehabilitation of your property.
The mortgage amount is based on the projected value of the property after the work has been completed. The mortgage takes into account the cost of the rehab including labor charges, permits, drawings, etc. The