Delaware - FHA 203k Approved, FHA 203k Program








Delaware



  Delaware FHA 203K Lenders


      1. MORTGAGE NETWORK SOLUTIONS LLC
      originates 203K: Yes
      address:  2401 PENNSYLVANIA AVE
                    WILMINGTON, DE 19806
      phone:  (302) 475-5508

      2. WELLS FARGO BANK NA
      originates 203K: Yes
      address:  7465 LANCASTER PIKE STE C
                    HOCKESSIN, DE 19707
      phone:  (302) 239-6300

      3. GSF MORTGAGE CORPORATION
      originates 203K: Yes
      address:  621 DELAWARE ST STE 300
                    NEW CASTLE, DE 19720
      phone:  (302) 322-7015










































Delaware FHA 203K Resource Page

The Federal Housing Administration's 203(k) loan program can help people who wish to rehab homes in Delaware with a variety of home repairs and upgrades. From making a property handicapped-accessible to waterproofing a home or simply upgrading appliances in poor condition, the FHA ’s 203(k) loan program may be able to help.

The FHA’s 203k Delaware loans range from $5,000 to $35,000, and cover an assortment of projects designed to rehabilitate and repair single family properties. While the FHA does not directly dole out the money, it insures the loan in a partnership with a lender.

Eligible properties must be one to four dwelling units that have been constructed for at least one year. Additionally, the units must comply with local zoning regulations. Loans may apply to houses moved from one site to another for rehabilitation.

Benefits of a 203k loan in Delaware extend to all ends of the spectrum. Typically, purchasing a home needing repairs or upgrades is a multi-step process. Homebuyers must obtain funds to purchase a home, and then secure additional funds to pay for the upgrade. These short term loans can come with high interest rates. The 203(k) loan allows the borrower to take out just one mortgage to cover both the purchase of the property and the cost of upgrades.


Current homeowners can also use 203(k) to refinance existing loans.

Delaware first-time borrowers should begin the process by consulting a housing counselor, who will counsel them on how to proceed.

While typical FHA loans have up to 20,000 approved lenders loans require additional administrative capabilities that many lenders do not have.

To find a 203k approved lender in Delaware, please see the page for your locale on this website.

Depending on the scale of the project, there are two 203k options for borrowers.

The standard 203k program begins with a feasibility study, overseen by an approved consultant. Through this process, the FHA determines whether the improvements would be justified upon completion.