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203K Loans

You may have found that listed under “Our Services” we provide contracting and repairs services for clients who are utilizing a 203K Loan for their new or current home. If so, you may have wondered, “What exactly is a 203K Loan?” Below is a bit more information from RenovationReady and HomeBridge!

RenovationReady’s video highlights that…
With traditional loans, you are responsible for the repairs. With 203K Loans, the cost of these improvements is included in the loan amount. This then lowers the overall amount of money that you need for the home and repairs!

HomeBridge also describes how 203K Loans can help to lower the amount that you spend when buying a home that is in need of repairs. They write, “By combining the construction funds with your home mortgage, an FHA 203(k) loan limits your loan closing costs because it’s just one loan that provides you the necessary funds to buy a home and make the desired repairs or improvements.”

For more information on how PURO-TEC PROPERTY RESTORATION can help you in utilizing a 203K Loan, please contact our Office at 215-245-4640.