If you have decided to purchase a single family home or another type of residential property, you may be wondering if there is a solid rehab program available for you to use. Many properties are fixer-uppers that require significant rehab work to be completed on them, but finding financing on these properties can be a challenging. At MortgageDepot , we offer the Standard and Limited versions of the 203K Advantage program, and these are both ideally suited for your needs. Both of the programs include requirements such as:
- 550 FICO score or better
- Purchase and rate & term loans
- Primary residences
- 30 and 15 year fixed rates
- Conforming and high balance loan amounts
- Borrow against the property value after improvements
If you believe that the MortgageDepot 203K Advantage program is the right one for you, it is important that you understand the differences between the Standard and the Limited programs. These are unique programs, so you may find that one is more well-suited for you than the other. Our team at MortgageDepot is ready to help you explore the options in greater detail.
The Standard program offers:
- No maximum repair amount
- 1-4 units allowed
- Structural/non-structural changes allowed
- Work must be completed within 5 months of closing
The Limited program offers:
- $35K maximum repair amount
- 1-2 units allowed
- HUD consultant not required
- Work must be completed within 4 months of closing
At MortgageDepot, we want to help you set up affordable financing that meets your needs and that puts you on track to achieve your objectives. We go the extra mile to assist you with all aspects of the loan process, and this includes an intensive screening process up-front. You want to know if you will be approved for the loan request as soon as possible, and our screening process helps you to more accurately make this determination.
If you are interested in the MortgageDepot 203K Advantage loan program or if you would like to know more about the other loans we offer, contact MortgageDepot today.
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