Say you bought a new home, but it needs a little repair – okay, a lot of repair. An FHA Home Renovation/203k Loan might be just what you need to complete those repairs without raiding your savings account. Backed by the federal government, an FHA renovation loan is available for people who purchase homes that are damaged or in serious disrepair and plan to renovate.
Everybody likes a makeover, even your home.Whether you’re a home buyer or a homeowner, with an FHA Home Renovation Loan you can finance your home improvement projects.* From roofs to basements and everything in between, you now have the perfect solution for your remodeling needs. Your 203K lender will give you the money to refinance your home, plus the money to do all the necessary repair and additions.
There are two types of renovation/203k loans – regular and streamlined – based on factors like the current value of the property, repair costs, and the estimated value of the property once you finish the renovations. With a streamlined 203k, the maximum amount of money you can get is the purchase price of the home, plus a separate amount of up to $35,000.
Homebuyers and homeowners can quickly and easily access cash to pay for property repairs, additions or improvements, and with these renovation loans you can purchase a home in need of an improvement that you would not be able to afford otherwise. Other key benefits include low down payments and reasonable interest rates.
The FHA Home Renovation Loan is a secure, government backed mortgage program – a great fit for almost any borrower. These loans feature easy credit qualifying, low closing costs and competitive rates.
You can repair, replace or upgrade any number of features in your home:
- Kitchens and Bathrooms
- Interior and Exterior paint
- Decks, patios, and porches
- Roofs, gutters, and downspouts
- HVAC systems
- Plumbing and electrical systems
- Septic systems
- Siding, windows and doors
- Basement finishing, remodeling, and waterproofing
- Accessibility improvements
You choose the work and who you want to do it. The loan is approved based off what your home will be worth when the renovations are completed. Start imagining your dream home and let us make it a reality by calling (801) 448-7907.