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FHA 203K

FHA 203K- Simplified & Explained

How does it work?

FHA’s 203K program permits home buyers to finance additional repairs into their mortgage to improve or upgrade their home before moving in.

 

With this amazing product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

 

How do I start?

Step 1: Team up with FAIRWAY Independent Mortgage Corporation, your trusted 203K Experts!

Step 2: Find a home and imagine the possibilities:

  • New carpet & pant?
  • New appliances?
  • New roof and/or windows?

The possibilities are endless!
 

What can we do?

First we determine what you qualify for and get you pre-approved. Once you find a home and determine what improvements you want to make, we work with the FHA appraiser and contractor to determine what reports will be required by FHA and what the cost will be of the upgrades you desire. 

We take those costs and finance them into the price of your home.

 

Items needed for

LOAN APPLICATION

  • Last two months bank statements (all pages & all accounts)
  • Last two months stock & security statements (all pages & all accounts)
  • Last two months retirement, 401K statements (all pages & all accounts)
  • Last 30 days pay stub s or current LES (Military)
  • Awards Letter for Retirement Income, Social Security, Disability Income, SSI (if applicable)
  • Last 2 years 1040 Federal Income Tax Returns
  • Last 2 years Federal Corporate and/or Partnership Tax Returns (Self-employed)
  • Last 2 years W-2 Forms
  • Copy of driver’s license and Military ID (if applicable)

 

Fairway Independent Mortgage Corp.
514 S. Stratford Rd Suite 240, Winston Salem, NC  27103
Office:  (336) 714-1574
Cell:  (336) 403-4237
Fax:  (336) 714-7409
Toll Free:  (866) 532-2634 Ext. 1574
denisem@fairwaymc.com
Copyright © 2019 Fairway Independent Mortgage Corp.
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