FHA 203k Renovation

An FHA 203k mortgage allows buyers to borrow the funds for both the purchase and renovation of a home giving the availability or renovating without the need for a second loan.


FHA 203k Renovation

Renovate your new or existing home with our “all-in-one” financing solution!

Are you considering a fixer-upper, or simply wanting to upgrade your existing home?

When searching for your perfect home, sometimes you find one that is in a great location, but it’s missing your dream kitchen or needs exterior cosmetic work. Or maybe you find one that has great curb appeal but still has shag carpet from the 70’s.

Perhaps, you aren’t searching for a new home, but after seeing a home improvement show on your favorite network you realized your house could use some upgrades.

At Homestead, we have a home loan for that: an FHA Renovation loan, which includes additional funds for updates and repairs that can be done before you move in.

We offer two types of FHA rehab loans: Limited also known as "streamline" for minor remodeling and non-structural repairs, and Standard as know as "full" for larger jobs. There are features and benefits to both and finding the best one for you is important. If you are thinking about a renovation loan, your next best step would be to contact a Loan Originator to discuss more details!

Key Features and Benefits of FHA Renovation Loans

  • Total loan amount depends on several factors, including which renovation loan is best for you!
  • Low 3.5% down payment
  • Purchase or refinance and include the cost of renovations and repairs in one loan.
  • Borrower has 6 months to complete renovations.
  • Flexible credit qualifying – because it is government-backed, it’s possible to qualify for an FHA loan with a lower credit score than on conventional loan programs
  • Fixed-rate, 30 year loans keep you monthly budgeting simple

FHA 203k Renovation Loan Step-By-Step

  • STEP ONE - Contractor Selection
  • STEP TWO - Loan Application
  • STEP THREE - Loan Processing
  • STEP FOUR - Loan Credit Review
  • STEP FIVE - Loan Processing
  • STEP SIX - Loan Closing
  • STEP SEVEN - Renovation Begins
  • STEP EIGHT - Making Payments
  • STEP NINE - Obtaining a Draw
  • STEP TEN - Project Completion

Need More Info

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