[PDF] fha 203k mortgage calculator with down payment

What is a FHA 203(K) loan?

An FHA 203 (k) loan requires a minimum down payment of 3.5% for those who possess a credit score of 580 or above, and 10% for those with a lower score. A 203 (k) loan can only be used if the property is to be the borrower’s primary residence. Repairs and renovations must be performed by a contractor and not by the borrowers themselves.

What is the minimum down payment for a 203(K) loan?

Down payment: The minimum down payment for a 203 (k) loan is 3.5% if your credit score is 580 or higher. You’ll have to put down 10% if your credit score is between 500 and 579. Down payment assistance may be available through state home buyer programs, and monetary gifts from friends and family are permitted.

How much down payment do you need for an FHA loan?

With good credit, you can make a down payment as low as 3.5% on an FHA loan. But then you have to pay mortgage insurance for the life of the loan. Consider making a down payment of at least 10%. At this threshold, your mortgage insurance premiums will end after 11 years.

What is the 203K calculator?

The 203k Calculator page is a tool that allows users to accurately calculate the Maximum Mortgage amount after selecting the appropriate loan type and entering the required data. Detailed help is available online or contact the Single Family Administrator .