FHA 203k Mortgage Lenders in New Orleans, LA

      1. GULF COAST BANK AND TRUST COMPANY
      Address: 101 W ROBERT E LEE BLVD STE 40
                   NEW ORLEANS, LA 70124
      Phone: (504) 599-5720
      - 4 miles from New Orleans, LA

      2. STANDARD MORTGAGE CORPORATION
      Address: 110 VETERANS BLVD SUITE 203A
                   METAIRIE, LA 70005
      Phone: (504) 828-2990
      - 5.4 miles from New Orleans, LA

      3. STERLING FINANCIAL SERVICES LLC
      Address: 4520 YORK ST
                   METAIRIE, LA 70001
      Phone: (504) 889-0737
      - 6.8 miles from New Orleans, LA

FHA 203K Program in New Orleans, LA

The Federal Housing Administration's 203(k) loan program can help people who wish to rehab homes in New Orleans, LA 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 New Orleans, LA 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 New Orleans, LA 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.

New Orleans, LA first-time borrowers should begin the process by consulting a housing counselor, who will counsel them on how to proceed. Current homeowners can also use 203(k) to refinance existing loans. While typical FHA loans have up to 20,000 approved 203k lenders loans require additional administrative capabilities that many lenders do not have. To find a 203k approved lender in New Orleans, LA, please select your city or town from the links in the left side navigation panel.