What is an FHA 203K renovation loan?
An FHA 203k Loan, (sometimes called a Rehab Loan or Renovation Loan) allows you to finance both the house itself along with any repairs and updates. An FHA 203K Loan gives more flexibility for renovating a primary residence.
It’s a great loan to enable first-time home-buyers or buyers looking to update their new home before they move in, with down payments as low as 3.5%.
Already have a renovated property? Allow us to refinance your loan as interest rates decrease. Your payments and the total amount of interest paid can be greatly reduced.
How It Works
- Contact us to get started and to be pre-approved.
- Find your new home or refinance your current property.
- Our construction consultant will inspect the home to outline repairs for general contractors to bid on.
- When you’ve selected a contractor, we’ll make sure they’re up to the job.
- The property is appraised for its “After Renovated Value” (ARV).
- We will process and underwrite your loan application.
- The loan is closed, and your renovation work begins!
We will help you through every step of getting your dream home. Just contact us to get started.