Section 203(k) is one of many FHA programs that insure mortgage loans, and thus encourage mortgage companies to make mortgage credit available to borrowers who would not otherwise qualify for conventional loans on affordable terms (such as first-time homebuyers) and to residents of disadvantaged neighborhoods (where mortgages may be hard to get).

The types of improvements that borrowers may make using Section 203(k) financing include:

• structural alterations and reconstruction.
• modernization and improvements to the home's function.
• elimination of health and safety hazards.
• changes that improve appearance and eliminate obsolescence.
• reconditioning or replacing plumbing; installing a well and/or septic system.
• adding or replacing roofing, gutters, and downspouts.
• adding or replacing floors and/or floor treatments.
• major landscape work and site improvements.
• enhancing accessibility for a disabled person.
• making energy conservation improvements

- Aurora FHA Loans

Because Aurora FHA (Federal Housing Administration) loans are government insured, they are offered at cheaper rates. They can be either fixed or adjustable. The cost of the insurance is eventually passed to the homeowner usually via the monthly payments, but it still saves the borrower money. Aurora FHA loans are advantageous because of their low down payment and flexible qualifying. There are also no income requirements and no prepayment penalties. Aurora FHA loans are ideal for first time home buyers, buyers with bad credit, or anyone who doesn’t have enough money to make a large down payment. The entire down payment and closing costs can even be a gift from a family member or an employer. One of our Aurora representatives can help you with any questions you may have, just fill out the form above and we’ll get back to you.

- Aurora FHA Loans Are Perfect for First Time Buyers!

Aurora FHA (Federal Housing Administration) loans are just one of the many programs that are commonly offered to Aurora first time home buyers. Their low rates and easy requirements make them appealing for people who haven’t bought a house before and don't have the assets to backup a mortgage. Anyone can take advantage of them, though. They are also great for buyers who have small or zero down payments. Fill out the above form and one of our knowledgeable Aurora representatives will contact you to see if an FHA loan is right for you.