Mortgage Funding LLC

203K LOANS ON THE CHEAP

203K LOANS ON THE CHEAP

Welcome to the world of 203K loans, where your dream of renovating or upgrading your home becomes a cost-effective reality. Whether you're eyeing a fixer-upper or looking to make energy-efficient improvements, 203K Loans offers a financial pathway to transform your living space without breaking the bank.

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What are 203K loans?

203K Loans are a unique financing option backed by the Federal Housing Administration (FHA) that enables homebuyers and homeowners to roll renovation costs into their mortgages. This means you can finance a home's purchase or refinance and the necessary renovations in a single loan. It's the ultimate solution for those who want to turn a property into their dream home without draining their savings.

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First-Time Homebuyer
Interest Rates
Hard To Qualify For
Buying A Modest Home
Super High Loan Minimum

First-Time Homebuyer

Risk Factor

You cannot get a jumbo loan as a first-time homebuyer.

Solution

But this is not the case. Even if you are buying your first home, you can apply for a jumbo loan. And you may be successful depending on your credentials.

Interest Rates

Risk Factor

You will pay a higher interest rate on a jumbo loan.

Solution

DSCR loan interest rates are comparable to conforming loans.

Hard To Qualify For

Risk Factor

Jumbo loans are hard to qualify for.

Solution

Jumbo loans are a bit more difficult to qualify for but not by very much as a credit score of 720 is fairly easy to achieve.

Buying A Modest Home

Risk Factor

You do not need a jumbo loan if you are not buying a mansion.

Solution

It is not uncommon for regular homes to require more financing to buy than you can obtain through the use of a conforming mortgage.

Super High Loan Minimum

Risk Factor

Jumbo loans require a super high loan minimum.

Solution

Jumbo loans don’t start at $1 million dollars. Instead, the minimum amount for a jumbo loan is anything above the conforming loan limit of $647,200.

Types of 203K Loans

Explore the two main types of 203K Loans - the Standard 203K and the Limited 203K. The Standard 203K suits extensive renovations, structural repairs, or projects exceeding $35,000. On the other hand, the Limited 203K is designed for minor upgrades and non-structural repairs, making it an excellent choice for those seeking budget-friendly improvements.

Why choose 203K loans?

  1. Cost Efficiency: Finance both the purchase and renovation costs in one loan, saving you money in the long run.
  2. Flexible Options: Tailor your loan to your specific needs, whether it's a major overhaul or minor cosmetic changes.
  3. Access to Competitive Interest Rates: Benefit from competitive interest rates that align with traditional FHA loan rates.

Your Affordable Home Transformation Starts Here

Embrace the potential of your property with 203K loans. It's not just about fixing what's broken; it's about crafting a home that reflects your style and meets your needs. Get ready to embark on a budget-friendly journey of renovation and transformation. Your dream home is just a 203K loan away!

Mortgage Funding, LLC.

We offer a personalized and distinctive approach to mortgages, combining human-driven insights with technical expertise to create a perfect hybrid. Our lending solutions are designed to expedite loan processing, delivering faster results while substantially reducing costs.

Phone

(678) 520-5566

E-mail

info@mortgagesfunding.com

Address

6825 Jimmy Carter Boulevard, Suite 1650K
Norcross, GA 30071

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Disclosure
The content provided within this website is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Mortgage loans may be arranged through third party providers.
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