Using DC Open Doors with FHA 203K Streamline Loans for Fixer Upper Properties
DC Open Doors can no longer be combined with the FHA 203K fixer upper and renovation loan. The FHA 203K remains available on its own as a great first time buyer loan for those who want to buy a fixer upper. With the FHA 203K's simplified Streamline Loan product, you can roll up to $35,000 into their mortgage to repair, improve or upgrade their home at the time of purchase.
This gives you a fairly large budget to put in a new kitchen, central air conditioning, bathroom upgrades, etc. - basically letting you buy a home and put your own personal touch on it immediately.
For more extensive renovations involving structural work, a more intensive FHA 203K loan is available. The amount you can use for renovation is based on the finished property's appraised value. It opens up the potential to do a major renovation all rolled into one payment and minimized your biggest financial risk - cash up front. This more advanced program requires a consultant and has additional costs beyond a typical mortgage.
FHA 203K is available with a 3.5% Down Payment.
- I Earn Less Than $140,640
- I have Decent Credit (640+)
*Other restrictions apply. You do not have to be a current DC resident to qualify & use this program!
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