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2013-10-27 08:39:00
Find an FHA 203K Loan in Tooele UT

We have had a lot of calls asking how to find an FHA loan in  Tooele UT . Mostly from folks asking 'what is an FHA 203K loan'?

It's generally a question from prospective home buyers that want to borrow money to fix up a Tooele home and include the cost to fix it up in one all inclusive mortgage.

That is exactly what the 203K loan was designed to do.

The FHA 203K loan is a loan guaranteed by the Federal Housing Authority that loans money for the purchase of buying a home and making the necessary repairs. Both on one loan, and one closing. In some cases home owners who own homes that need improvements can refinance to make those necessary repairs. Home buyers looking for these types of homes often search for Tooele short sales, or foreclosed homes in Tooele Utah.

There are two types of 203K loans, one type to make structural repairs, the other makes loans for items of a non structural nature. They can be combined.


Some Repairs Included in a 203K Loan Could Be 

  • New Appliances
  • Room Additions
  • Bathroom Remodeling
  • Roofing
  • Flooring
  • Air Conditioning Heating Systems
  • Disability Access
  • Plumbing
  • Energy Conservation
  • Kitchen Remodeling
  • New Siding
  • Room Additions
  • Finish Attics or Basements

Some Qualifications For an FHA Insured 203K Loan

  • Home Owner must live in or plan to live in the home being repaired. (No investors)
  • As long as foundation remains a home MAY qualify
  • The house being financed must be at least a year old.
  • Single Family
  • Duplexes
  • Tri-Plexes
  • Four Family Homes qualify
  • Condominiums if they have FHA approval already
  • Housing portion of any mixed use project

As with any government supported program, when you ask 'what is an FHA 203K loan', be prepared to find help for a long study time, to bring you up to speed, but there are councilors that specialize in this type of loan, and are more than willing to assist. Also keep in mind that all lenders are not able to provide this product. Make sure you have a lender that does FHA loans and understands the 203K loan process.

This post is meant only as an overview to the 203K program. For a more in depth look at requirements and qualifications log on to FHA 203K info.

For additional help or if you want to find an FHA loan in Tooele UT, ot if you need more answers, call me, Chris @ 435-840-5029.


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