Did you know that buying a fixer-upper is an easy way to get into the housing market? You can use your new home as collateral for repairs and even pay off some of its cost through mortgage rates.

With an FHA 203k mortgage, you can buy the house of your dreams and fix it up with ease.

What is an FHA 203k Loan?

Homeownership has always been a goal for many people, but it can be hard if you don’t have enough money. FHA 203k loans are designed to help with this problem by combining the costs of purchasing your home as well as fixing up any problems that may arise in later years when you’re ready sell or refinance!

The benefits include:

• Speed. It takes less time to apply for one loan than two.
• Simplicity. You only have one monthly bill to pay.
• Affordability. You have just one loan accruing interest, not two.

With our innovative services, you can save both time and money. This will make it easier for your to find the perfect home!

How You Can Use an FHA 203k Loan in Colorado?

When an FHA 203k loan is used to make home improvements, the emphasis should not be on adding luxuries but rather turning a unlivable space into one that can be lived in.

Most other types of upgrades and repairs are allowed. For instance:

• Add plumbing, septic, and electrical, if it does not already exist.
• Upgrade, repair, or replace any of the above.
• Construct a garage.
• Remodel a bathroom or kitchen.
• Make the home more energy-efficient.

What you cannot do with an FHA 203k loan is add a brand-new luxury feature. So, if there’s no swimming pool when buying the home and it doesn’t have one either prior to purchase or as part of renovations after acquisition – don’t try rolling that cost into your mortgage!

If you’re thinking about upgrading your home, but are not sure if it’s possible or what upgrades would work best for your needs- don’t worry! During our consultation we’ll answer all of those questions.

Do You Qualify for an FHA 203k Loan?

To be eligible for this type of home loan, you need to meet these requirements:

• Your credit score needs to be in the range of 620 to 640 or above.
• You must have a debt-to-income (DTI) ratio no higher than 45%.
• You need to be able to afford a down payment.
• You must be purchasing a property that is eligible. Cooperative units and investment properties are not allowed.

Apply Now for an FHA 203k Loan

Are you ready to find out what is possible with an FHA 203k loan in Colorado? Please call (720) 640-7034 to schedule your consultation.