Bakker Construction is proud to be an experienced, certified contractor in the FHA 203K program. We have seen several projects through to completion and are able to help homebuyers take a dilapidated or outdated home, and bring it not only safely to code, but beautifully into the home they’ve hoped for.
Once an initial offer is accepted, we at Bakker Construction can provide a thorough and realistic bid for the home’s rehabilitation, and upon closing, complete the work for you from start to finish.
Borrower gets one loan to finance both the acquisition and rehabilitation of a property, based on the projected value of the property with the work completed, accounting for the cost of the work.
What is an FHA 203K loan and what is it used for?
- Insured by the Federal Housing Authority
- Designed for low-mid income borrowers and 1st-time borrowers
- More lenient qualification criteria than traditional loans
- Primarily a program for the rehab and repair of single family properties
- Important tool for community and neighborhood revitalization, expanding home ownership opportunities
- Homeowners are able to have a home completely restored before moving in, rolling all renovation costs into one mortgage payment
