The FHA 203K Home Renovation Loan

These loans can be used in many ways because they allow you to borrow extra money above and beyond the normal mortgage to do repairs and renovations to your home after the closing.

A 203k Loan works for both purchases and refinances. Maybe you love your house, but have outgrown it. This product allows you to refinance your old mortgage and obtain the funds to make it into your dream home. With todays rates, you might be able to borrow this extra money and keep your payments the same.

If you are buying a foreclosure, short sale or a fixer-upper, this is the product for you. You can put a 3.5% downpayment on a 1,2,3 or 4 family home and renovate the home to your specifications. Add a room, new appliances, or increase the size of the kitchen or living room.  Change the furnace or install a new roof. You can even side the house or landscape.   The possibilities are endless with this program.

Please call us with any of your questions about this great mortgage program.