Get a 203k Home (Improvement) loan With My Florida Mortgages
My Florida Mortgages provides the most competitive 203k home loans and mortgages in all of South Florida. We work with a huge variety of clients with different needs and financial situations to get them qualified for the 203k loan that they need.
Let the team at My Florida Mortgages use their 20+ years of mortgage industry experience help you navigate the home mortgage and 203k loan process. No matter what your financial situation or credit score is, we can guide you to the right loan and help you get approved for it!
What is a 203k Loan and How Does it Work?
An FHA 203k loan allows you to take out a loan for the purchase of a home along with additional funds to make planned improvements that will add to the value of the home. The buyer benefits from this because you only need one mortgage loan and it factors in the money that you will need for the home improvements.
The additional funds from the loan are typically placed in an escrow account and paid out to contractors as the services are rendered. The home improvements that you want to make typically need to planned out in advance and completed within 6 months of buying the home.
Am I Eligible For a 203k Loan?
Because 203k loans are FHA insured, lenders are typically willing to work with customers and properties that they would otherwise not approve for the loan. Just like with other FHA loans, the buyer is required to purchase the FHA insurance to protect the lender in the event that you default on the mortgage payments.
This all means that you don’t necessarily need perfect credit or a huge down payment to get approved for a 203k home improvement loan or mortgage. Obviously the higher your credit score, the easier it will be for you to get approved and you will also get better interest rates.
203k Home Improvement Loan Rates
Just like with jumbo loans, you can take out an adjustable rate 203k mortgage, a 15 year fixed rate 203k mortgage or a 30 year fixed rate. Interest rates are comparable to those of a regular 15 or 30 year fixed rate mortgage but can be different depending upon your credit score or the current market conditions.
Why Choose My Florida Mortgages for All of Your FHA 203k Loan and Mortgage Needs?
We work with all of our customers to not only get them approved for 203k loans and mortgages, but also to get them set up with the best ones for their needs at the lowest interest rates and most affordable monthly payments. Even if you don’t think that you will qualify for an FHA 203k home improvement loan, give us a call anyways. We know how to get you approved and if we can’t we will work with you until you are able to get approved. Call us today at (954)-916-2742.
Do I Qualify? Contact Us To Find Out!
It is not difficult to qualify for a mortgage. If you work with my firm, in general if you have a minimum income of about $30,000 annual and a FICO score no lower than 500 points, you should be fine.
I have all type of mortgage programs, so feel free to call me and let’s talk about your situation. After speaking with me you will know if you qualify or not, and what will be your next steps to buy your own home.