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FHA 203k / Renovation Loan Programs
The FHA 203k is a type of loan used specifically for renovating existing properties.
The program can be used to fund simple upgrades, such as a bathroom or kitchen makeover,
or it could be used to completely rebuild a presently uninhabitable structure. These
loans can be used to purchase a fixer-upper or to refinance and renovate your current
home. The primary advantage of a renovation loan such as the FHA 203k is that it uses
the estimated value of the home after completed renovations instead of the purchase price
or current appraised value that is typically used for traditional loan programs.
In essence this allows for an advance of additional funding for renovation purposes
to the borrower. If you believe a Home Renovation Loan may be right
for your situation, contact us and one of loan officers will
be happy to discuss the details of these programs.
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