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FHA 203(k) Renovation Loan Overview

You might be looking for a home to purchase and find one that fits your needs, but the home is in need of renovation, or has renovations that are incomplete.  The FHA 203(k) Renovation loan is specifically designed for these situations. It provides funds for both the purchase and renovation of a home packaged into one mortgage loan.

Benefits

  • Can be used for purchase or refinance
  • Fixed rate and 5/1 ARM options available
  • 15 or 30 year terms
  • Grant and down payment assistance if acceptable to FHA
  • Allows you to renovate existing properties for:
    • Lead-Based Paint Stabilization
    • Mold remediation and other environmental cures

Requirements

  • 1-4 family owner-occupied homes only
  • No Manufactured Homes
  • Automated underwriting approval is required
  • 55% maximum Debt-to-Income (DTI) Ratio
  • 640 Credit Score for All Borrowers
  • 110% Maximum Combined Loan-to-Value (CLTV)
  • No self-help or borrower acting as general contractor
  • No Historical Properties

The best option for you will depend on your circumstances and financial history, give us a call and get the perfect financing option today!

What will my payment be?

Down Payment % 0% 3.50% 5% 10% 20%
Down Payment Amount
Loan Amount
Available Loans VA
USDA
FHA Bond
FHA FHA
Conventional
FHA
Conventional
Jumbo
2nd Chance
FHA
Conventional
Jumbo
2nd Chance
Principal & Interest
*Principal & interest only. Amount does not include other applicable monthly fees such as mortgage insurance, property taxes, insurance, HOA fees, or flood insurance.