Are you thinking about buying a fixer-upper in Modesto? Great news! The Federal Housing Administration (FHA) has made some big changes to the 203k loan program that can help you turn a house in need of a little TLC into your dream home.

What is an FHA 203k Loan?

An FHA 203k loan is a special type of loan that allows you to borrow money for both buying a home and making repairs. There are two types of 203k loans: the Standard and the Limited. The Standard is for major repairs, while the Limited is for smaller projects.

What’s New with the FHA 203k Loan?

The FHA has recently announced some exciting changes to the 203k loan program:

1. Increased Funding: For the Limited program, the maximum amount you can borrow for repairs has increased from $35,000 to $75,000. This means you can now do more extensive renovations and improvements to your new home.
2. Extended Timeframes: The Limited program now gives you 9 months to complete your repairs, up from the previous 6 months. For the Standard program, you now have 12 months to finish the work, giving you more time to ensure everything is done right.

How Do These Changes Help You?

These changes are designed to make it easier for home buyers like you to improve and customize your new home. With more funding available, you can tackle bigger projects, and with more time, you can make sure the work is done properly without feeling rushed.

Why This Matters for Modesto

Modesto is full of homes that could be perfect with just a bit of renovation. With these new changes to the FHA 203k loan, you have a fantastic opportunity to buy and improve a home in our community. Imagine turning an old, outdated house into the modern, comfortable home you’ve always wanted.

Get Started Today!

If you’re ready to take advantage of these new FHA 203k loan changes, contact me, Erin Facha, a trusted mortgage professional in the Modesto area. I’m here to help you navigate the loan process and make your dream home a reality.

Contact Information

For more information or to schedule a consultation, please feel free to reach out to me at erin@imslending.com or give me a call at 209-988-4590. Let’s get started on making your dream home come true!