An FHA 203(k) loan – also known as a mortgage rehabilitation loan, renovation loan or Section 203(k) loan – is a type of government loan that can be used to fund both a home's purchase and renovations under a single mortgage. We can determine if the renovation and cost is acceptable.
At Fidelity, we also offer loans for the “Less Than Perfect” borrower or for income that is hard to verify.
These may include, but are not limited to, the following:
Investor Cash Flow Mortgage - Qualifying for a mortgage on an investment property can be tricky, particularly if the borrower owns multiple properties. The Investor Cash Flow option makes qualifying simple. If the gross rents collected on the subject property are at least equal to the PITI (Principal, Interest, Taxes, Insurance monthly payment), the borrower may qualify.
Bank Statement Mortgage - In some cases, a borrower’s tax returns don’t tell the whole story. This program was designed specifically for borrowers who are self-employed. The borrower’s income is derived using the most recent 12 or 24 months of personal and/or business bank statements.
Asset Qualifier - Borrowers qualify for this program based on their liquid assets or assets that can be liquidated without any restrictions. Typical borrowers who would take advantage of this program would have sizable assets.
1099 Only - The 1099 Only product is for Borrowers who are paid in the form of commissions or as an independent contractor and receive 1099(s).
