Requirements to qualify for a FHA 203k Rehab Loan

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FHA 203k Rehab Loan Guidelines and Requirements
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Restoration, repairs and renovation of your house
can be a costly affair. However, the FHA 203K
Rehabilitation Loan Program is an appropriate
solution and may well allow your dream of
restoring and renovating a house to materialize.

• Introduction

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FHA 203K Rehab Loan program is intended for those
borrowers who wish to cover both the purchase and
renovation costs under one program.

• What is a FHA 203k Rehab Loan for a House?

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FHA 203K is a great option for first-time buyers
in MA.

Unlike a standard mortgage loan, you to spread
your payments for the renovation over the life of
the loan

Interest paid on these components are eligible
for income tax deductions.

The program also offers a reduced down payment
and relaxed rules on credit scores

• Benefits of FHA 203K Rehab Mortgage Program

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You must intend to use the house as your own
place of residence.

The cost of the restoration, renovation must be
at least 5,000.

Your credit score must be at least 620 or 640,
depending on the lender.

Your maximum debt-to-income ratio should be 41
to 45.

• Who Qualifies for a FHA 203k Loan?

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Apart from the pre-requisites to qualify you will
need to complete paperwork. For this, it is a
good idea to work with a professional mortgage
lender.

• Recommendation

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If youre looking for a mortgage agent in MA,
Drew Mortgage Associates might be the perfect fit
to guide and assist you through the application
process for the FHA 203 Rehab Mortgage Program.
With expert mortgage agents on hand, they can
ensure your application is successful. Read more
at https//www.drewmortgage.com/fha-203k-rehabili
tation-loan-in-ma-guidelines-and-requirements/
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DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]