FHA 203K Mortgages and First Time Home Buyers

By
Mortgage and Lending with AnnieMac Home Mortgage NMLS #38670

It’s important for the first time home buyer to know what the expenses are when they are buying a home.  Many first time buyers get stuck on what the down payment and closing costs are, but they don’t look beyond that.  They need to consider what they may need in addition to those items.  The down payment and closing costs are part of the picture, but not the complete picture.  Other items to consider:

  • does the house need painting?
  • do I need new carpeting?
  • how’s the landscaping?

These things are typically thought of once the first time home buyers get into the property.

Many times they just want to get in and are not thinking about what happens after.  The FHA 203k mortgages can really help with those additional costs that happen.  It can be used for appliances, counter tops, vanities and carpets in addition to many other items.  Why shouldn’t a buyer be able to roll the improvement costs into their loan at a very low interest rate? It makes total sense for the customer.  This will enable them to keep some money in their pockets, and not be house poor once they move in.  It is very easy for items to add up when you move into a new house.  Typically, most people don’t have that kind of money as a first time home buyer.  If they do, then it should be used for a rainy day fund for those unexpected expenses.

The FHA 203k mortgage program allows customers to keep money in their pockets.  The customer should be able to enjoy their home and not be burdened with trying to figure out how they are going to pay for those needed items in their new house.  Many first timers don’t have a lot of disposable cash lying around which makes the FHA 203k the perfect option.  It’s a great time to buy a home and this program allows first time home buyers to be able to have a reserve in their bank account.  The FHA 203k can play a big part in building one’s financial future.  It allows one to save out of pocket money in addition to building instant equity.

This program should definitely be considered as an option for all first time home buyers.  If it’s not being offered to you, ask why?   Many times it’s because the mortgage lender doesn’t offer the program, which may be the reason you’re not hearing about it.  Feel free to give us a call and we will help you accomplish your goals and get into your new home

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Jeff Onofrio

FHA 203k Lender and Homestyle Reno Specialist
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