FHA Renovation Loans

Does the home you own or are interested in buying need repairs or upgrades?
Exhausting your savings or applying for a 2nd mortgage with a higher or adjustable interest rate are not your only options.

Allow us to introduce you to the 203(K) Renovation Mortgages – brought to you by the Federal Housing Administration

203(k) Product Overview

    Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.

    203(k) Program Highlights:
    • Loans can be for a purchase or refinance
    • As little as 3.5% down
    • No maximum repair amount
    • 1-4-unit primary residences are eligible
    • 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
      • 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
      • Limited 203(k)

        For less extensive improvements, FHA’s Limited 203(k) program permits homebuyers and homeowners to finance up to $35,000 into their mortgage to repair, improve, or upgrade their home. Homebuyers and homeowners can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or an FHA appraiser. Homeowners can make property repairs, improvements, or prepare their home for sale. Homebuyers can make their new home move-in ready by remodeling the kitchen, painting the interior or purchasing new carpet.

        Click here for information on the Fannie Mae HomeStyle┬« Renovation Mortgage  

        Call us today to learn more!