FHA 203k rehab loans are a type of mortgage loan designated for homes that are damaged or greatly in need of rehabilitation. The FHA loans cover both the cost of the property as well as the cost of essential home repairs. The down payment requirements are low, and the eligibility criteria are more flexible than with many other types of mortgage loans. Homeowners with homes needing improvement may also refinance with these loans. A wide range of repairs that include room additions, bathroom remodeling, roofing, flooring and air conditioning systems may be funded with FHA 203k loans; another facet of the Federal Housing Administration products that are available with Redwood Mortgage.
