Renovation Program
Renovation loans combine the cost of purchasing a property with the funds needed for renovations, allowing borrowers to transform their dream home into reality with a single loan.
THE DETAILS:
Have you found the perfect home that needs a little work? A renovation loan program may be the perfect fit. With the FHA 203(k) Standard, FHA 203(k) Limited and Home Style Renovation programs, you can finance both the home as well as the repairs needed to fix up the home.
ADVANTAGES :
- Allows funds to purchase home and make repairs
- Low down payment options
- FHA 203(k) allows a maximum of $35k for minor repairs
- Home Style allows repair costs to be up to 50% of as-completed value
- Minimum Credit Score of 620