An FHA 203k loan allows you to borrow money, using only one loan, for both home improvement and a home purchase. These loans can also be used just for .
· Step 2 – Loan Application If the lender determines you are eligible for an FHA loan, you will complete a standard loan application (Fannie Mae form 1003), along with an addendum specific to this program (HUD form 92900-A). The loan officer will also request a variety of financial documents.
Credit Score Needed For Fha 203K Loan Fha Renovation Loan Requirements The FHA 203K renovation loan gives eligible homeowners the power to finance major upgrades to their homes while keeping the costs as low as possible. You can gain access to a large amount of funding for repair and renovation while escaping duplicate costs of taking out more than one loan.To apply for a 203(k) loan, you’ll need to find an FHA-approved lender and be ready to provide your Social Security number, as well as documents that verify your income, debts and credit score.