FHA 230k Loan
Our FHA 230k Loan Rates are low and our process is quick and painless.
An FHA 203K loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it. Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. An FHA 203K lender would then give you the money to buy (or refinance) the house, plus the money to do the necessary renovations to the kitchen and bathroom.
Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. An FHA 203K lender would then give you the money to buy (or refinance) the house, plus the money to do the necessary renovations to the kitchen and bathroom.
Why an FHA 230k Loan?
Often the loan will also include:
1) An up to 20% contingency reserve so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested, and/or
2) A provision that gives you up to about six months of mortgage payments so you can live elsewhere while you’re remodeling, but still pay the mortgage payments on the new home.
You'll qualify if...
As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable-rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
your income and credit meet the standard guidelines.
consistent
you meet the lender’s credit and income requirements.
prepared
you have steady income, manageable debt, and solid credit
Reliable
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Equip Capital Group is an Equal Housing Lender doing business as Equip Mortgage. Broker NMLS #1937259 │DRE Broker #02116634.
All loan programs, terms, and rates are subject to change without notice. Additional terms and conditions may apply. Equip Mortgage is not an agency of, nor is it affiliated with the federal government or any other entity referenced herein, CA Department of Real Estate License #02058505 | NMLS #1411475