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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) Standard
The Federal Housing Administration (FHA) allows borrowers to purchase or refinance a house while including the cost of renovations into a single loan. The FHA Standard 203(k) permits a wide range of renovations, improvements, and additions to your home.
Below are a few features of the FHA 203(k) Standard 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
- Minor Renovations, Major Renovations, Additions, and Improvements allowed
- HUD Approved Consultant appointed to assure success/standards of the project
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