How Do You Finance A Fixer Upper House With An FHA 203(K) Program?

€¢ Determine how much house you can afford. Current 203(K) loan programs are 3.5% down, so a $200,000.00 home will be $7,000.00 down. Talk to a lender to see what loan amount you can be approved for based on your income and expenses.

Most importantly, figure out yourself how much you can realistically afford. It's not uncommon to be approved for a loan that will stretch your budget to the point of foreclosure. €¢ Find a house with potential.

Look for a house you like in a neighborhood you like. The 203(k) program currently cannot be used by investors, so you'll need to live in the house (or be a qualified non-profit agency). Together with your real estate agent, perform a preliminary feasibility analysis, in which you identify the repairs necessary, estimate the cost of these repairs, and estimate the market value of the home after the repairs.

You can save yourself some money by doing this before you order appraisals or estimates, since you may determine that the cost of repairs is ... more.

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