The FHA 203k loan is a single close loan that provides funds for Phoenix home buyers to both purchase a home in as-is condition, and renovate the home after closing.
Buyer’s can even finance up to 6 months of mortgage payments into the loan to forgo payments during the renovation.
The loan is an important tool for realtors and home buyers and has the power to revitalize Phoenix neighborhoods, communities, and the local economy.
It can be used for both distressed and non-distressed properties and a 3.5% down payment that is based on the finished value of the property.
It is available for purchase and refinance. Here are recent FHA 203k lender statistics for Phoenix number as reported by HUD.
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