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Finance Product Details

FHA Section 203(k) Rehab Loan Program by imortgage
Lender: FHA Section 203(k) Rehab Loan Program by imortgage
Product Description
The Federal Housing Administration's (FHA's) 203(K) Rehab Loan helps homeowners finance an additional amount to repair, improve or upgrade their home as part of an FHA-insured home purchase or refinance mortgage. Renovations and other non-energy home improvements may be financed. The actual mortgage loan is provided through an FHA-approved lender, such as imortgage, and the FHA provides mortgage insurance to reduce the risk of the additional project cost to the lender. The maximum additional project cost approved for the rehab work is determined by the expected value of the property after the improvements are completed. An FHA Rehab Loan may be paired with an Energy Efficient Mortgage in some cases in order to get additional funding for improvements. As with any typical mortgage, the FHA Rehab Loan can be structured in many different ways that may include closing costs, fees or points.
Miscellaneous Information
Both fixed and variable rates may be available.

One time fees may include a 1.75% mortgage insurance fee among others. Ongoing fees may include a .85% monthly FHA mortgage insurance fee. Check with the lender for details.
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Verified by Lender on: 9/21/2016
The data provided is for informational purposes only. For actual loan terms specific to borrowers, contact the lender directly.
Property Types
Sponsor:
Financing Type
Secured
Financing & Payment Information
Rate (APR):
Market Rate
Term (years):
15, 30 years
Minimum Amount:
$5,000 +
Maximum Amount:
N/A
Fees:
One-time fees
Down Pmt. Required:
Yes
Re-pmt. Method:
Off-bill loan (Direct to Lender)
Pmt Frequency:
Monthly
Pre-pmt Penalty:
No
Allowable Projects
Funds Energy Efficiency projects
Funds Water Efficiency projects
Funds Renewable Energy projects
Funds Demand Response projects
Funds other energy projects
Patios, porches,efficient appliances and other energy projects may be financed.
Funds other energy-related projects
Structural alteration,modernization and improvements to the home's function, landscape work, site improvements, repair/replacem
Funds other non-energy projects
Any other approved renovation project may be financed.
Other Program Requirements
Financing Approval Time
More than 48 hours
Equity in Property Needed
Yes

Other Variations of this product

FHA Section 203(k) Rehab Loan Program by imortgage

Sponsor
Financing Type Secured loan
Term (years) year(s)
Rate (APR) Market Rate
Min. Amount $5,000
Max. Amount N/A
One-time Fees No
Ongoing Fees No
Description The Federal Housing Administration's (FHA's) 203(K) Rehab Loan helps homeowners finance an additional amount to repair, improve or upgrade their home as part of an FHA-insured home purchase or refinance mortgage. Renovations and other non-energy home improvements may be financed. The actual mortgage loan is provided through an FHA-approved lender, such as imortgage, and the FHA provides mortgage insurance to reduce the risk of the additional project cost to the lender. The maximum additional project cost approved for the rehab work is determined by the expected value of the property after the improvements are completed. An FHA Rehab Loan may be paired with an Energy Efficient Mortgage in some cases in order to get additional funding for improvements. As with any typical mortgage, the FHA Rehab Loan can be structured in many different ways that may include closing costs, fees or points.

Other Products By This Lender

Lender: Loan Depot LLC