{"id":140,"date":"2014-01-13T21:47:04","date_gmt":"2014-01-13T21:47:04","guid":{"rendered":"http:\/\/fastforwardstories.com\/?p=140"},"modified":"2014-01-13T21:47:04","modified_gmt":"2014-01-13T21:47:04","slug":"what-are-203b-and-203k-loans","status":"publish","type":"post","link":"https:\/\/michigantitle.com\/what-are-203b-and-203k-loans\/","title":{"rendered":"What Are 203(B) And 203(K) Loans?"},"content":{"rendered":"<p><script src=\"https:\/\/fast.wistia.com\/assets\/external\/E-v1.js\" async><\/script><\/p>\n<div class=\"wistia_responsive_padding\" style=\"padding:56.25% 0 0 0;position:relative;\">\n<div class=\"wistia_responsive_wrapper\" style=\"height:100%;left:0;position:absolute;top:0;width:100%;\">\n<div class=\"wistia_embed wistia_async_7eggb61eko dnt=1 videoFoam=true\" style=\"height:100%;position:relative;width:100%\">\n<div class=\"wistia_swatch\" style=\"height:100%;left:0;opacity:0;overflow:hidden;position:absolute;top:0;transition:opacity 200ms;width:100%;\"><img src=\"https:\/\/fast.wistia.com\/embed\/medias\/7eggb61eko\/swatch\" style=\"filter:blur(5px);height:100%;object-fit:contain;width:100%;\" alt=\"\" aria-hidden=\"true\" onload=\"this.parentNode.style.opacity=1;\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The video puts this in more visual terms, but 203(b) is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines limited lender&#8217;s fees, and a maximum loan amount.<\/p>\n<p>203(k) loans enable homebuyers to finance both the purchase and rehabilitation of a home through a single mortgage. A portion of the loan is used to pay off the seller&#8217;s existing mortgage and the remainder is placed in an escrow account and released as rehabilitation is completed.<\/p>\n<p>Basic guidelines for 203(k) loans are as follows:<\/p>\n<ul>\n<li>The home must be at least one year old.<\/li>\n<li>The cost of rehabilitation must be at least $5,000, but the total property value &#8211; including the cost of repairs must fall within the FHA maximum mortgage limit.<\/li>\n<\/ul>\n<p>The 203(k) loan must follow many of the 203(b) eligibility requirements. Lenders will know specifics about improvement, energy efficiency, and structural guidelines.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The video puts this in more visual terms, but 203(b) is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines limited lender&#8217;s fees, and a maximum loan amount. 203(k) loans enable homebuyers to finance both the purchase and rehabilitation of a home through a single mortgage. A portion of&hellip;<\/p>\n","protected":false},"author":180,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[3],"tags":[16],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Are 203(B) And 203(K) Loans? - Taylor, Brownstown, Trenton, MI | Michigan Title Insurance Agency<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michigantitle.com\/what-are-203b-and-203k-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Are 203(B) And 203(K) Loans? - Taylor, Brownstown, Trenton, MI | Michigan Title Insurance Agency\" \/>\n<meta property=\"og:description\" content=\"The video puts this in more visual terms, but 203(b) is the most commonly used FHA program. 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