203k Loans – CA only

Call today for the 203k loans, 203k Refinance, 203k Streamline Refinance in CA only.

  • Minimum 560 Fico Score to Qualify for the 203k loans
  • Purchase or Refinance
  • Minimum $5,000 – $35,000 Streamline
  • Unlimited on Standard 203k Loans
  • Single Family Residence
  • Allows financing on 1-2 Unit dwellings
  • Condominium Interiors
  • Up to 6 months, NO Payments
  • Below Minimum Property Standards Loan
  • Owner Update/Renovate Loan
  • BUY and FIX it ALL in ONE 203k LOANS
  • Unlimited Repairs up to FHA loan limits
203k Renovation financing can turn your house into your dream home

FHA’s 203k loan program is designed to finance the purchase and renovation of your home, all in one loan.

Are the 203k Loans Right for You?                                   

203k loans for renovations-add ons
203k loans for renovations-add ons
  • Buy a “Fixer-upper” or REO property needing renovation
  • Get funds to both purchase and upgrade your dream home
  • Refinance and renovate your existing home
  • Advantages of 203k Loans
  • Loan amount based on the home value including renovations
  • Only one loan needed to both purchase and improve
  • Refinance and rehab your own home
  • Can be used to buy property otherwise not eligible for financing

Who Qualifies?                                                          

203k loans for remodeling
203k loans for remodeling
  • The minimum down payment is 3.5%
  • A credit score of 580 or higher in needed
  • You can not have other FHA loans
  • You DO NOT have to be a first-time buyer

*Ask Sheryl Arndt about additional requirements.

FHA Loan limits vary by market. They currently range from $271,050 to $729,750 for a single family property. To check the current loan limits by county, go to FHA Loan Limits or check with us for the current limits.

 Additional 203k Guidelines


The Step by step Process

1.   Certainly speak with us 760-486-4225 to get pre-approved for 203k FHA loan

First of all we will go over a loan application and review documentation that supports your application to determine the amount you will be approved for. Finally we will discuss your different loan options and determine the best loan program to fit your needs.

NOTE: The purchase contract should clearly indicate the loan type to be an FHA 203(k).

2.   Your purchase contract is accepted by the seller

As a result your Realtor will forward the accepted contract to your loan officer to set up your financing file. This is when the clock starts ticking. You will need to get with your contractor and/or your FHA consultant to finalize the estimate and scope of work in which is going to be done. Any other required or desired inspections, such as a home inspection, termite inspection, well or septic inspections, roof inspection or HVAC inspections, will be ordered at this time.

3.   Choose your contractor and obtain bids

You must research and select contractors with whom you will feel comfortable. All contractors must provide specific documentation as previously listed to be accepted for use in the renovation program. You will need to provide a complete contractor package for each contractor completing work on this project.

4.   Insurance

In most cases, a homeowners policy will suffice. On some occasions a builders policy will be required. An insurance agent can provide guidance here.

5.   Once all conditions to the loan have been met, the loan will close

Finally the seller and Realtors are paid in full at the closing. So then the funds for the repairs are placed in an escrow account and paid accordingly. If mortgage payments are included in the escrow, the payments will be paid when they are due up to 6 months. Consequently the repairs must start within 30 days after closing and must be completed within the six months.  203k Additional Guidelines

what are 203k Loans

Aboe all you purchase or refinance and rehabilitate a property with one loan closing with the 203k loans. Also the escrow account will dispurse the rehabilitation costs as the work is completed and inspected. The loan amount is based on the lower of the projected market value following repairs or purchase price plus renovation costs.


Benefits of 203k Loans

  • So often properties that are sold “as-is” would not qualify for a standard FHA loan. However, 203k loans are designed to improve, update and modernize the home.
  • Rather the loan enables you to purchase foreclosure properties that require repairs. Most HUD Foreclosure properties could benefit from a 203(k) loan.
  • As a result you can purchase a home that does not require repairs and finance the cost of “modernization” or cosmetic repairs. (See eligible improvements.)
  • So the loan allows for 1-4 unit dwellings, including condominiums.
  • Consequently where zoning allows, a 203k loans can be used to convert a single family dwelling to 2-4 units and vice versa. (See eligible properties.)
  • Up to 110% (100% on condominiums) of the So after improved value of the home may be used as basis for mortgage calculations up to 110% (100% on condominiums)  (The appropriate LTV factor is then applied.)
  • Due to up to six months of PITI (principal, interest, tax and insurance) payments can be financed to pay the mortgage. As a result this saves those who would otherwise be required to make double-housing payments.
  • So the consultant will determine the number of months house will be uninhabitable for financing of payments. (Consultant K only)
  • While buyers who purchased a property with cash can use the 203(k) program to complete repairs/ modernization and replenish funds used at the time of purchase. Furthermore the mortgage must close within 6 months of cash purchase.
  • If the original foundation is in place the 203k loan can be used for complete reconstruction.
  • So any Properties that are “below-average” condition can be upgraded through repairs and maintenance. (i.e., new roof, fix broken windows, and lead paint abatement). Likewise you can increase square footage by building an addition, second floor or finishing a basement or attic space. (Consultant K only.)

Contact us for 203k loans