For fixer-upper homes, FHA 203k loans are designed to help borrowers by providing one loan that covers both purchase and renovation. FHA 203k loans are an option for purchasing or refinancing a primary residence that needs renovation or repairs, such as a new roof or siding, a new garage or porch, new windows, updates to wiring or plumbing, new appliances, energy conservation improvements, and even nonstructural updates like painting and landscaping.
The property and borrower must meet the requirements set by the Federal Housing Administration, and a licensed contractor must perform the repairs. As a borrower, you will need to provide a detailed proposal of the work you plan to do on the home. The loan may include funds for temporary housing while improvements are being made.
Getting a home loan in Idaho, Utah, or Wyoming may be more affordable and easier than you think!
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