How to Get a 203k Loan in 6 Steps (And What Else to Consider As a Buyer)
If the idea of buying a fixer-upper appeals to you, then a 203k loan might be a perfect fit. Experts explain how to get a 203k loan for homebuyers.
Does the idea of buying a fixer-upper and quickly gaining thousands of dollars in equity by making minor cosmetic repairs appeal to you? If so, then the 203k loan may offer a way to finance your plans, but first, you’ll need to know both what this loan is and how to get a 203k loan.
Step one: Talk to a few buyer’s agents!
Tell us a little bit about your plans (where you’re looking to buy and when you want to make a purchase) and we’ll connect you with top-rated buyer’s agents in your area. It takes only a few minutes, and it’s free.
The Section 203(k) Loan Program is a Federal Housing Administration (FHA) program that lets you finance both the purchase price of a home and the cost of repairs to the home with a single loan. It’s widely regarded as one of the best financing programs for people who want to buy, fix, and live in a home.
“The 203(k) loan is one of the best products in real estate when it’s used as an effective tool,” says Eric Forney, an Indianapolis real estate agent. In addition to 16 years of experience as a real estate agent, Forney has personal experience using a 203(k) loan to purchase and fix up his first home.
