What are the requirements for an FHA 203(k) loan?
An example of an AI chatbot conversation about FHA 203(k) loan requirements.
What are the requirements for an FHA 203(k) loan?
To qualify for an FHA 203(k) loan, you need a minimum credit score of 500, a debt-to-income ratio of 43% or less, and a down payment of at least 3.5%.
Are there specific property types that qualify for this loan?
Yes, the property must be a one-to-four unit residential property, and it can be a primary residence, but not investment properties.
What types of repairs can I finance with this loan?
You can finance a variety of repairs, including structural improvements, modernization, and energy efficiency upgrades, among others.
Is there a limit on how much I can borrow?
Yes, the maximum loan amount varies by location, but it generally ranges from $5,000 to $35,000 for repairs, plus the purchase price.
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