203(k) Loans

From America’s Mortgage Resource, serving metro New Orleans

Are you thinking about buying a property that needs a little “love”?

Purchasing a property in need of repairs can be a great way to get into an amazing neighborhood or build equity quickly.

And there’s no better way to purchase a home and finance the improvements than with a 203(k) loan from America’s Mortgage Resource with offices in Metairie, New Orleans, and Baton Rouge to help you!

What is a 203(k) Loan?

A 203(k) loan is a mortgage product backed by the Federal Housing Administration (FHA) that allows homebuyers to borrow enough money to cover both the cost of the home and the price of its necessary repairs, including labor and materials.

This type of loan can be an excellent option for first-time homebuyers, as it can help them overcome the financial hurdle of producing a down payment and closing costs. An FHA 203(k) loan can also benefit current homeowners looking to improve their homes.

Benefits of the 203(k) Loan

There are many reasons why many homeowners choose to go with the 203(k) loan:

One loan for both purchase and renovations

Both the price of the home and funds to cover the cost of renovations are included in the loan. The 203(k) loan allows you to borrow money based on the future value of your home while also allowing you to reduce the cost of the repairs and upgrades.

Low down payment option

Not only does the 203(k) loan bundle the mortgage and the cost of improvements, but it requires as little as 3.5% down.

Note: This option is only available for up to 4-unit properties for it to be occupied at 3.5% down.

Build equity fast

Depending on the home you purchase and the renovations you finish, you could have a significant amount of equity in your home after moving in.

A Special Note about 203K Loans

The key to securing a 203(k) loan is finding a lender who understands the process. This is where we can help you!

If you are interested in seeking a 203(k) loan for your dream home, let one of our loan officers help you at America’s Mortgage Resource!

With offices in Metairie and New Orleans, LA, one of our local loan officers can help you! We are well-equipped to match you with the perfect lending solution to meet your needs.

Contact us to learn more or get started today!