FHA 203(k) Loan Program


FHA 203(k) Loan Program and Arlington Real Estate homes in need of repair or updating. Many  homes have been neglected due to lack of funds for repairs or estates, where the executor does not want to spend their own money for repairs of upgrades.  

Some buyers are reluctant to purchase these homes only seeing all the work that needs to be done and believing they will have to pay for these repairs out of their pocket.

What if there was a way to purchase the home with all the repairs rolled into the loan amount and completed before the new owners move in. Is there such a loan program? Yes there is! The FHA 203(k) loan program. We asked our friends at Cobalt Mortgage for the skinny on this loan, and this is what they had to say.

 The FHA 203(k) program offers a flexible and streamlined way for buyers to purchase and rehabilitate the property you are selling.

Q: Don’t FHA 203(k) loans take more than three months to close?FHA 203(k) inspection

A: No. In fact, most FHA loans only take 45 to 60 days to close. The added time helps to ensure that every aspect of the loan process is completed satisfactorily for all parties involved.

Q: My property doesn’t need a lot of major improvements. Is it still eligible for the FHA 203(k) loan program?

A: Chances are that it is! Almost any kind of improvement is eligible, provided that the work completed becomes a permanent part of the real property and adds value to the home.

Q: Isn’t the FHA 203(k) loan process too complicated for the average buyer?

A: Not at all. Here at Cobalt Mortgage in Arlington WA, we have a team of loan officers who are trained in all aspects of FHA lending, including the FHA 203(k) loan program. Cobalt handles the complete 203(k) process with every process handled in house, giving us complete control of the transaction. We are committed to being there for both the buyer and seller through each step of the process.

Q: Do the repairs have to be made before the loan closes?

A: No – The loan closes first, the title is transferred to the new owner and then the work begins.

FHA 203(k) Loan Program Contractor




Examples of Eligible Repairs Include:

  • Home additions
  • Roofing, gutters and downspouts
  • Flooring, tiling and carpeting
  • A new detached garage
  • Double pane windows
  • Kitchen and bathroom remodels
  • Aesthetic home improvement
  • Plumbing repairs and / or replacement
  • Heating and air conditioning
  • Permanently installed energy – saving appliances
  • And much more!


Direct Benefits to Sellers

  • Because the FHA 203(k) Loan Program only requires a 3.5% down payment, sellers are now empowered to attract more potential buyers than ever before.
  • Cobalt Mortgage ensures that most of the loan process is worked on and completed at our local office, so you can commit all of your attention to selling your home.

Feel free to contact one of our loan officers today for more detailed information on what types of repairs and improvements are eligible with a FHA 203(k) Loan Program.

Email: earl.schmidt​@cobaltmortgage.com Phone: (425) 610-4268 http://www.cobaltmortgage.com/earlschmidt/

Email: earl.schmidt​@cobaltmortgage.com
Phone: (425) 610-4268




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