FHA Renovation Loans 203k (purch or refi)
Why FHA Renovation Loan?Because with an FHA 203k loan you can purchase or refinance your home and include the costs to rehabilitate and repair it in the same loan.
If you, ...
- Are interested in purchasing a property that needs repairs
- Are existing homeowners who need funds to rehabilitate their property
- Want to save time and money by financing the purchase or refinance with the cost of the repairs
- May not qualify for a conventional loan
- Have low-to-moderate incomes
- Are first-time homebuyer(s)
- Live in disadvantaged neighborhoods
- Have not-so-great credit with low scores
- Have limited cash for down payment or closing costs
We provide you an affordable, stable financing solution that combines the purchase or refinance of the home along with the costs of the improvements into a single loan:
- Standard FHA guidelines apply
- Opportunity to borrow against the value of the home after improvements
- Low down payment requirements
- Flexible credit qualifying
- Fixed-rate and adjustable-rate mortgages up to 30-year terms
- Fully assumable loans to qualified borrowers
- Owner-occupied 1-4 unit properties, PUDs, condos, and REO properties
- Lower initial monthly payments with optional temporary buy-down
Eligible ImprovementsVirtually any kind of improvement is eligible provided it becomes a permanent part of the real property and adds value, for instance:
Luxury items are not eligible.
- Room or garage additions
- Kitchen or bath remodels
- Finished basement or attic
- Patios, decks, or terraces
- Roofing and landscaping
- Safety, energy efficiency, and electrical upgrades
- In-ground swimming pools
- Handicapped accessibility improvements
|Get Pre-Approved on your home loan.|
Knowing that your mortgage loan and credit report are already approved will let you look for your new home with confidence.
Also, a pre-approval lets the seller know that your offer is solid and that you're a serious buyer.
Let us know you're serious about either buying a home or refinancing your existing home with an FHA Renovation Loan. Click button below to get started.
|For additional questions regarding any FHA Home Loans and/or FHA Renovation Loans please contact us.||