A Rehabilitation Loan, also known as a 203K loan is simply an FHA, owner occupied first mortgage loan that gives you, the buyer or borrower the cash needed to do repairs or renovations on the home you are buying or a home you already live in.
There is a STANDARD 203K that can give the buyer or borrower the money to do major renovations such as finishing a basement or adding on an addition.
The STREAMLINE 203K which is usually the type of loan where the buyer or borrower wouldn’t require more than 35,000 to make improvements such kitchen and bath remodels, replacing a septic or well system, etc.
Our Loan Officers at Evergreen Home Loans can help you better understand this program and all the ways it might benefit you. We look forward to answering your questions and exploring the possibilities of you taking advantage of this loan program.