- Escrow for repairs
- Can be used for HUD properties
- Up to $35k in repairs and replacements!
- Wide array of acceptable repairs and replacements
We strive to take the guess work out of renovation loans. Our products can turn any home into your dream home. From small cosmetic updating to major projects such as adding square footage or foundation repair, we have a product to help. Below you will find some answers to questions we are frequently asked but if you don’t find the answer to your question below please do not hesitate to contact us!
The FHA 203k renovation loan program provides funds for both the purchase and renovation of a home packaged into one mortgage loan. Once the purchase of the home is closed, renovation funds are held in escrow to pay for pre-determined renovation work done by approved renovation contractors.
HUD's 203(k) program can help you overcome this obstacle by enabling you to borrow funds for the purchase or refinance of a property plus the cost of making the repairs and improvements in one mortgage. The FHA-insured 203(k) loan is provided through approved lenders nationwide and is available to owners who will occupy the home themselves.
Down payment, credit qualification, loan limits and other requirements are the same as standard FHA loans. Additional guidelines are set forth specific to 203k loans to provide for renovation of the home.
Renovation loans make fixer uppers super easy by providing additional financing for any home repairs or upgrades built into the existing loan. If you’re already a homeowner, don’t worry, these type of loans are available for refinances as well!