FHA 203K Denver Home Loans
Want a Fixer-Upper? The FHA 203k Can Help
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Want a Fixer-Upper? FHA 203k Denver Home Loans Can Help
When imaging their first, many Denver 1st time buyers imagine a setting that is all their own, not just another cookie-cutter home in the neighborhood. They want to be able to mold their home with their imagination while they ensure that all the standards are up to not only Denver building code, but to their own particular standards.
With the housing market being such a tough place to work these days, it can be difficult for homebuyers can have difficulty obtaining Denver home loans from a traditional lender. FHA 203k Denver Home Loans make it easier for Denver 1st time buyers to obtain the funding they need to turn the property that has caught their fancy into the home of their dreams. The FHA does not supply loans, but they do give lenders the backup they need to assure that they will be paid for their confidence.
There is no guarantee of a loan, even for FHA 203k Denver home loan applicants, but the process can be much easier for properties and applicants that meet the necessary criteria:
203k Denver Home Loan Criteria
• Eligible properties must be in need of rehab or repair.
• The current process is much easier than the older paperwork required for Denver homebuyers.
• The property must be an FHA approved condo development of 1-4 units.
• Down-payment equals 3.5% of the total amount borrowed.
Interesting Points
Luxury items are not eligible for FHA 203k Denver Home Loans.
Health and safety concerns must be addressed prior to any cosmetic work.
By allotting funds for property renovation, FHA 203k Denver Home Loans allow for improvements to existing neighborhoods, which helps to increase property values and improves a home’s ability to be sold. Especially in a stalled housing market, these improvements can help to propel an increase in sales.
Although they are not only for Denver 1st time buyers, the FHA 203k loan allows homebuyers to create the home of their dreams while they beautify their neighborhood. It’s a win-win for the housing market as a whole. Golden Lenders welcomes first time home buyers looking to get into an FHA 203k loan. Contact us today for a free consultation!
