Have you found your dream home but it’s in need of repair? An FHA 203k home improvement loan is a loan backed by the federal government and given to home buyers who want to buy a damaged or older home and do repairs on it. According to HUD a 203k loan “enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.” There are two types of 203k loans: Limited and Standard.
Not all mortgage brokers in Michigan offer FHA 203k rehabilitation loans. Locked-IN Lending, LLC is different from other brokers in many ways, including the fact that we do offer our customers the ability to obtain a 203k home improvement loan mortgage. Whether you’re buying a damaged or older home in Macomb County or Oakland County, we can help you buy it. We will find you the lowest down payment, lowest rate, or lowest mortgage payment available.