The NJ FHA 203k Renovation mortgage program is designed to allow clients to purchase or refinance properties that need rehabilitation or renovation work. This FHA-insured mortgage product can be used to acquire properties and finance for both the acquisition and rehabilitation all within the same loan.
Unlike traditional construction financing which requires a loan for the construction and then a “take-out” or permanent financing, the NJ FHA 203k renovation mortgage allows you to do all of the financing in one loan with one closing.
Also, NJ FHA 203k Renovation mortgages can be used for either: purchases or refinancing.
Have a question about NJ FHA 203k Renovation Mortgages? Want some insight from a lender who has closed many of these loans? Experience is key when it comes to successfully applying for and closing an FHA 203k loan.