For the typical buyer of a house, purchasing a home in need of renovation/appliances cause quite the dilemma. The FHA 203(k) loan procides an affordable way to purchase a home and make improvements with one easy loan.

Somerset Lending Corp specializes in the FHA 203(k) loans. We can walk the realtor and the borrower through the transaction every step of the way. Call  Somerset Lending at (248) 499-9640 for more information about how FHA 203(k) loans could help you.

Useful Information About FHA 203(k) Loans:

  • Just one mortgage for purchase and rehab with one low rate payment.
  • Few restrictions on repairs.
  • The transaction closes between buyers and sellers, and then the rehab on the home begins.
  • Up to 6 months to complete.
  • Streamlined version doesn’t require the FHA Consultant, just the borrowers licensed contractor.