Q:

What are some qualifications for an FHA 203k loan?

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Quick Answer

To qualify for an FHA 203k loan, an individual needs to meet the standards of their particular lender, which often means a credit score of 640 or higher and a debt-to-income ratio of 43 percent, states Realtor. Individuals looking to qualify for an FHA 203k loan also need to provide complete documentation of their assets and income, as well as their credit profile.

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Full Answer

Individuals who want to apply for an FHA 203k loan need to provide an estimate cost of the renovations they intend to complete for their home. The FHA has specific guidelines about what kind of renovations one can complete with the funds, according to Re-BuildUSA.

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