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Understanding Prospect Mortgage FHA 203K Loans

By bosmolskate, published on Feb 26, 2014

Unlike traditional FHA loans, Prospect Mortgage FHA 203K loans are intended specifically for borrowers looking for homes that need to be fixed or updated. These mortgages are not right for everyone, but with the proper knowledge, individuals can make the right choices for themselves and their families.

FHA 203K Loan Qualifications

While the qualifications may differ from lender to lender, the following are required for our firm:

640 middle credit score Approved licensed general contractor 3.5 percent down payment Reserves of 10 percent for repairs

Once a borrower... (more)

Tags: real estate, finance, home, house, loans, prospect mortgage

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