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What is the difference between an FHA loan and a 203k?

  • April 04 2013 - Terre Haute
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Answers (2)

Just to take it a bit further, the FHA 203K loan can be used for renovations and additions to a home. So if you find a home in disrepair, or that needs a new roof, appliances, flooring or more, the FHA 203K renovation loan may be a good option. We've seen some buyers in Indiana end up with decent residual equity after making renovations to a foreclosed home that just needed some work. There are limitations, so check with an experienced lender.
  • April 04 2013
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FHA covers the cost of purchasing a move in ready home. The 203k covers the purchase and the repair costs of a home. They both are FHA. That's it in a nutshell.

  • April 04 2013
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