FHA 203k Mortgage Lenders in Stone Mountain, GA

      1. UNITED MORTGAGE BROKERS INC
      Address: 400 GALLERIA PKWY SE STE 1500
                   ATLANTA, GA 30339
      Phone: (800) 511-8196
      - 16.7 miles from Stone Mountain, GA

      2. YOUR MORTGAGE SOURCE LLC
      Address: 11675 GREAT OAKS WAY STE 144
                   ALPHARETTA, GA 30022
      Phone: (678) 808-2410
      - 18.6 miles from Stone Mountain, GA

      3. W J BRADLEY MORTGAGE CAPITAL CORP
      Address: 11605 HAYNES BRIDGE RD STE 125
                   ALPHARETTA, GA 30009
      Phone: (770) 402-8686
      - 19.1 miles from Stone Mountain, GA

FHA 203K Program in Stone Mountain, GA

The Federal Housing Administration's 203(k) loan program can help people who wish to rehab homes in Stone Mountain, GA 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 Stone Mountain, GA 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 Stone Mountain, GA 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.

Stone Mountain, GA 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 Stone Mountain, GA, please select your city or town from the links in the left side navigation panel.