Michael Shotnik
Branch Manager
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FROM OUR BLOG
January 25, 2018

Create your dream home with 203(k)

This Denver market has been a seller’s market for a while now. Home values and prices just keep rising and it doesn’t seem like that will come to an end or turn around anytime soon. So what do you do if you’re looking to buy a home, but can’t find anything in your price range that you want? You don’t want to just buy any house to buy a house. This is a big investment we’re talking about. Sierra Pacific has an exciting new product called 203(k), to offer to help you find your dream home.

About 203(k)

The 203(k) renovation loan is a FHA product and there are two options: Standard 203(k) and Limited 203(k).  Standard FHA guidelines apply. This loan is available on a fixed-rate either for a 15 year term or a 30 year term. This product is available for owner occupied, primary residence only. Minimum credit scores required and down payment requirement is based off of the value of the home after the improvements.

Standard 203(k)

This is intended for more complex projects that involve structural changes to the home that may prevent you from living there. This option is used if engineering or architectural drawings and inspections are required.

Repair amounts:

  • Minimum $5,000
  • No maximum

Limited 203(k)

This program is designed for less expensive improvements that do not require a consultant, architect or engineer.

Repair amounts:

  • No minimum
  • Maximum $35,000

We’re really excited about this new product and happy to talk to you if you have any questions regarding it!

LET’S GET STARTED

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Sierra Pacific Mortgage Company, Inc.

Sierra Pacific Mortgage NMLS# 1788. Michael Shotnik NMLS: 218281, CO License: 100017466. Regulated in Colorado by the Division of Real Estate #988320. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.