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.
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.