Loans for the purchase or renovation of homes that are damaged or have a large need for rehabilitation can be obtained through the FHA 203(k) Program which is designed to encourage lending for home purchases otherwise considered seemingly risky. The Program attaches guidelines to their loans for the inclusion of energy efficient additions.
Those seeking to purchase or upgrade energy efficiency properties can obtain low-cost financing FHA 203(k) Program loans through ACMG. FHA 203(k) loans can be obtained for 1-2 Unit Properties, PUDs and Manufactured Double-Wide Homes. Loan amounts are based on 96.5% of the purchase price or up to $535,000 in repairs. A downpayment of 3.5% is required and we consider applicants with credits scores down to 620. Up to $35,000 can be obtained for discretionary improvements and/or repairs and loan amounts cannot be used for major rehabilitation or structural repairs.
- 3.5% Down Payment
- Loan Amount is Based on 96.5% Purchase Price + Up to $535,000.00 in Repairs
- Credit Scores Down to 620
- 1-2 Unit Properties
- PUD’s
- Manufactured (Double-Wide)
Up to $35,000.00 in discretionary improvements and/or repairs. Cannot use for major rehabilitation or structural repairs.
To learn more simply call (843).444.LOAN or Click Here To Apply Now