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Renovation Mortgage

Home Purchase Renovation and Refinance Renovation Loans

The FHA 203(k) Renovation loan* allows a buyer to purchase (or refinance) and renovate a property with one loan and one closing. With one loan, there is only one application, one set of fees, one closing and one monthly payment.

Improvements can include anything that adds value to the home, such as a room addition, new carpeting, landscaping, plumbing, roofing or a new kitchen. The loan can also be used for energy-efficiency improvements.

A 203(k) loan can create huge value for home shoppers looking to:

  • Buy a home in a neighborhood that they could not ordinarily afford by purchasing a fixer-upper.
  • Include all upgrades and repairs in one loan.
  • Purchase a home with only 3.5 percent down payment on the total sales price plus the cost of repairs.
  • Streamline the process because closing occurs first, and then repairs are done after closing. You receive your commission and the seller receives their payoff sooner.
  • Replace anything from carpet, paint and appliances, to fixtures, windows and more, and include it in the financing.
  • Upgrade by adding additions and putting in landscaping.
  • Fix damaged homes – new roof, fire damage, termite removal and mold remediation.
  • Maximize a property’s potential. The loan is based on the after-improved value – what the house will be worth once the renovations are complete.
  • Customize the home to the buyer’s taste.
  • Purchase and rehab a foreclosure
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