Wisconsin 203k Loan Information Center

Basics about 203K Loans in Wisconsin

 

It is very common for individuals to not be able to improve the state of their homes because they lack the required funds for any restoration, preservation and rehabilitation work. Most people think about getting conventional loans for this process but feel daunted because of the high interest rates and tough repayment terms. The Department of Housing and Urban Development (HUD), through the amendment of section 203K has established a program through which it can promote rehabilitation and repair of single-family properties and facilitate the country's existing housing stock.

1. HUD's 203K loans are operated through Federal Housing Administration (FHA) approved lending institutions, which submit applications to the FHA to have the property assessed and the loan for a borrower approved. It is worth noting that the HUD or the FHA do not forward the loans themselves but only endorse certain loans.

2. The primary purpose of 203K loans is to help families falling in the lower income communities in their efforts to rehabilitate and repair their properties. Rehabilitation in this situation amounts to restoration and preservation work that can include addition or reduction of rooms, painting and safety and environmental improvements.

3. HUD's 203K loans can be used for purchasing a residential property and the land, buying a house on another land and moving it onto the mortgaged land and rehabilitating it and refinancing existing liens on the property and rehabilitating it.

4. Other mortgage financing plans and loans tend to have high interest rates and a short amortization period. Moreover, in most cases, individuals looking to buy and rehabilitate a property need to get multiple loans to make the situation work. This is not something that is tied to HUD's 203K loans where an individual can get one single mortgage loan with a long term fixed or adjustable rate.

Types of 203K Loans

There are two different types of FHA 203K loans available to homebuyers and homeowners. Choosing the type which suits you best will depend on the amount of improvements your property needs.
 
FHA 203K Streamline:
The 203K Streamline loan is used for homes that need minor repairs, remodeling or upgrades and has a cap of $35,000.
 
FHA 203K Standard:
The 203K Standard loan is for homes that need major rehabilitation or repair. There must be at least $5000 worth of repairs and the loan limits are based on the property type and location.
 
For FHA 203K Lending 
Because of the size and complexity of the FHA 203K Standard loan, FHA requires a FHA Cost Consultant be involved in your project. You will find the FHA Cost Consultant very helpful, as they will assist you in determining the scope of repairs, the budget for the work to be done, and verify all work is completed satisfactorily and as stated by the contractor.
 
Special Insiders Quick Start Guide
Discover The Insider Secrets To Saving Tens of Thousands on Your Next Home Loan Using The Government's 203k Home Loan Program
Inside This Free Report You'll Learn...
  • How to buy and fix up a property With as little as 3.5% down.
  • How to pay off your existing loan & receive money to remodel even with little equity. 
  • How to finance up to $35,000 in repairs
  • How to Save Tens of Thousands of Dollars On Your Next Home
    • Insider Tips About Holdbacks & Disbursements
    • Items that are NOT eligible for 203k Loans
    • and much more...





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      Kim Greenspan
      203k Loan Specialist

      Email: Kim@WeSayOk.Com

      Phone: 262-650-9890


      Contact Kim Greenspan, your local 203k Mortgage Specialist, to setup a free consultation and develop your winning strategy for purchasing your new home with a 203k Loan. Me & my team will be honored to serve you! 

       
      First Fidelity Home Mortgage of Wisconsin, LLC
      Kim Greenspan
      Phone: 262-650-9890



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