• (775) 783-0777
  • Email
  • Facebook
  • Google+
  • Pinterest
  • Twitter

Nevada First Time Home Buyer

Home Buying Tips & Loan Programs

  • Buyer Resources
    • Home Buyer Resources
    • Saving for a Down Payment
    • Mortgage Calculator
    • Home Buying Myths
    • Loan Pre-Approval
  • Federal Programs
    • FHA Loans
    • FHA 203K Loans
    • VA Loans
    • USDA Rural Development Program
    • American Indian Home Loan Guarantee
    • Federal Tax Credit
  • Local Programs
    • Mortgage Credit Certificate (MCC)
    • Home Is Possible (HIP)
    • – Active Military (HIP)
    • – Veterans (HIP)
    • – Teachers (HIP)
    • Home At Last
    • County Programs
    • City Programs
  • Search Homes
    • Down Payment Resource Center
    • Search All Listings
    • Search by Map
    • Featured Listings
    • Email Alerts
  • About
    • Contact Us
    • Blog
You are here: Home / Federal Programs / FHA 203K Loans

FHA 203K “Rehab” Loans

This loan is backed by the federal government and helps buyers with with financing the purchase of a home along with the cost of the needed comprehensive repairs. The FHA 203K loan also allows current homeowners to refinance an existing mortgage for the home’s rehabilitation. These loans protect the lenders with insured loans and also save the borrowers time and money.

Benefits – FHA 203K Loans

  • Designed to help borrowers finance an older home that needs significant repairs.
  • Allows a borrower to finance amounts up to $35,000 for non-structural repair, such as painting and replacing cabinets or fixtures.
  • Loan amount is not based on the current appraised value, but on the projected value after the repairs have been completed.
  • FHA 203K will cover the repairs of : Decks, patios, bathrooms, kitchens, flooring, plumbing, siding, heating & air conditioning systems, and additions to home as in a second floor.

Requirements – FHA 203K Loans

  • The projected cost of repairs on the home must be at least $5,000 to qualify and the home needs to be at least one year old. The rehab can range from minor to complete reconstruction.
  • The value of the property must be within the FHA mortgage limits specific to the location.
  • You will need to provide a proposal with details of the work you want to do.
  • You must work with an FHA-approved lender to get an FHA-203k loan.
  • Qualifying homes include: One to four family homes that are at least a year old, homes that has been torn down, provided that some of the existing foundation is still in place, homes cannot be a co-op, but some condos are eligible, and homes that you want to move to a new location.

Get Started! Complete the form below to see if you qualify for this program.


Additional Federal Home Buyer Resources

FHA Loans
USDA Rural Programs
FHA 203K "Rehab" Loans
Native American Programs
VA Loans
Federal Tax Credit

  • Find Out What Programs You Might Qualify For:

  • Your Credit and Income

  • Other Details

Search Local MLS Listings

$
$

Today's Mortgage Rates

Nevada Mortgage Rates
30 Year Fixedloading...
15 Year Fixedloading...
5/1 ARMloading...
View Trend

Calculate Mortgage Payments

www.mlcalc.com

Testimonials

This was the first time that my wife and I purchased some property. From the moment we met Mitch, he was there for us 110%. We highly recommend him to anyone buying or selling a home. There is no one better. "

~ Steve and Debbie G.

CalNeva Realty - First Time Home Buyer Programs

Equal Housing Opportunity - Realtor MLS

Office Locations

Reno/Sparks
83 Continental Drive
Reno, NV 89509
775-783-0777
Contact Us
Carson Valley
1621 US Highway 395N, #200
Minden, NV 89423
775-473-9531
Contact Us
Homes for Sale
Reno
Sparks
Fernley
Carson City
Dayton
Carson Valley (Minden/Gardnerville)

Mitch Argon

sitemap   •   admin   •   ©2023 All Rights Reserved  •  Real Estate Website Design by IDXCentral.com
NV DRE # B.62137   •   CA BRE # 01941677