FHA’s 203k loan program is designed to finance the purchase and renovation of your home, find all in one loan and allow you to turn your house into your dream home.
A 203k Loan may be right for you if your needs include:
- Buying a “Fixer-upper” or a Foreclosed property needing renovation
- Funds to both purchase and upgrade your dream home
- Refinancing and renovation of your existing home
Advantages of a 203k Loan
- Loan amount based on the home value including renovations
- Only one loan needed to both purchase and improve
- Refinance and rehab your own home
- Can be used to buy property otherwise not eligible for financing
Who Qualifies for a 203k Loan?
- A minimum down payment of 3.5%
- Credit score as low as 550
- You currently have no other FHA loans
- You DO NOT have to be a first-time buyer
FHA Loan limits vary by market. In the Chicago area it is currently $365, $700 for a single family property and up to $703, for a four unit property. Please contact a 1st Eagle Mortgage, Inc. loan expert at 847.441.4116 to verify the current loan limits.