Fontana FHA 203k Home Loan Programs

Have a fixer-upper you want to move into and make renovations on? Have an extra bathroom or pool house you wish to add to the house? FHA 203k Home Loans are loans specifically lended out in order to finance remodels or renovations to the house. Fontana residents looking to add to their home or customize the home to their perfect image cannot find a better loan program for their agenda. Like other FHA loans, the FHA 203k home loan is a government-insured loan that allows loan professionals to lend to a lower requirement for the borrower. If you're interested in obtaining a FHA 203k home loan in Fontana, read on to see if its the right fit for you.

What is a FHA 203k Home Loan?

The FHA 203k home loan is a very different program compared to a conventional. With a conventional mortgage, the loan is closed with a fixed price and fixed amount in mind. However, with an FHA 203k, the loan needs to finance the property, the rehabilitation of the dwelling, and the mortgage on the completed home. All three of these conditions are packaged together without worrying about high interest rates typical of construction loans. The way the lender minimizes risk is by an endorsement from HUD on the loan once the borrower has entered a rehabilitation escrow on the home. Properties must be at least 1 year old from the date of completion. The renovations added must be attached. A demolished home may be used, if the original foundation is still present, and modular homes can be brought to the foundation, pending some financial restraints. Also, the home can have a minority stake of commercial use if necessary, depending on the size of the home and the conditions of the business. Condos are also acceptable, however there are specific restrictions that we at Mountain West Financial can help address for you.

Financial Requirements of a FHA 203k Home Loan - Explained

The requirements for an FHA 203k Home Loan are as follows:

  • There must be a minimum of $5,000 used in renovations
  • Can only be used on 1-4 family dwellings, condos, and other HUD-approved homes
  • Credit requirements necessary depending on financial information
  • Must show capability of paying back the loan
  • Home must be at least 1 year completed if still standing, else original foundation must be present.

Get a 203k FHA Home Loan Quote for Fontana Today

If you pass all these requirements and are looking for a home loan in the Fontana, California area, there really is no better way to go than Mountain West Financial. Contact us via e-mail at info@nathanrufty.com or by phone at (909) 230-4395 today and we'll help answer any questions and tailor fit this program to work for you. 
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