Buy and fix in a single loan

Buy and fix in a single loan

The FHA 203(k) loan in Clayton County GA folds the purchase price and the repair budget into one mortgage, so you borrow once and fix the house after you close. It lets you buy distressed homes other buyers have to walk away from.

There are two versions. Limited caps repairs at $75,000 with no structural work. Standard has no cap up to the FHA limit and allows a partial rebuild.

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How it works and who qualifies

• Limited: $75,000 repair cap, no structural
• Standard: no cap, structural work allowed
• 3.5% down on the after-improved value
• 580 minimum credit score
• Primary residence, one year minimum
• Home must be at least one year old
• A 203(k) consultant scopes the repairs
• Funds release in draws as work is done
• Closes in 60 to 90 days, slower than usual

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When it is worth it

A 203(k) earns its complexity when a specific house needs $30,000 to $50,000 of work but sits well below comparable homes in good shape. It is not worth the hassle just to get into a starter home.

The Clayton DPA does not fund renovation, so the 203(k) carries the repair budget alone. Georgia Dream can layer on top for down payment and closing help.

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For the right property, it turns a home nobody else can finance into the best deal on the block.