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DIFFERENT LOANS for DIFFERENT NEEDS
Whether you want to Purchase a Home to renovate OR renovate Your Current Home, we have a great loan program to meet the need.
LET’S DO IT TOGETHER!
FHA 203(k) Limited
Created for minor, non-structural renovations, the FHA 203(k) Limited allows borrowers to purchase or refinance and finance up to an additional $35,000 to renovate/improve the home before moving in. This program is designed to quickly allow you to improve the home to your specifications.
Below are a few features of the FHA 203(k) Limited program:
- Purchase or Refinance
- Only 3.5% Down Payment Required (purchase)
- Finance the after improvement value of the home – Up to 110% of future value!
- Reasonable credit qualifications
- Primary residences, 1-4 unit properties, PUDs, condos, and REO properties allowed
- Renovations limited to $35,000 or less
- Streamlined Process
- Renovations must be minor in nature and/or cosmetic improvements
RENOVATION LOAN COMPARISON
(Primary Residence)
(Primary Residence)
(Primary Residence)
(Primary Residence)
(Purchase)*"
(Refinance)**
Home Equity Counts***"
(Down Payment & Cost)"
After Improvement Appraised Value, or
Sales Price + Renovation Cost"
Most Minor Renovations/Remodels
Way too many individual project types to list here, but most anything “non-major” in nature that adds value is ok."
(Primary Residence)
(Primary Residence)
(Primary Residence)
(Primary Residence)
(Purchase)*"
(Refinance)**
Home Equity Counts***"
(Down Payment & Cost)"
After Improvement Appraised Value, or
Sales Price + Renovation Cost"
Most Anything
From major structural issues to new paint to whole room additions to landscaping, most any project type is acceptable.
(Primary Residence)
(Primary Residence)
(Primary Residence)
(Primary Residence)
(1 Unit)
10% 2nd Home/Inv. Prop.
10% 2nd Home/Inv. Prop.
After Improvement Appraised Value, or
Sales Price + Renovation Cost
Most Anything
From major structural issues to new paint to whole room additions to landscaping, most any project type is acceptable.
* Purchase down payment percentage is relevant to home sale price, plus renovation costs.
** Refinance down payment percentage is relevant to mortgage balance, plus renovation costs.
*** Available home equity is “after improvement” appraised value, minus mortgage balance, minus renovation costs.
**** All Renovations must be approved.
CHECK OUT THE PROJECT TYPES PAGE
TO LEARN ABOUT THE MANY WAYS YOU CAN
TURN THAT HOUSE INTO A HOME
(888) 594-5799