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The FHA 203k Renovation Loan program allows home buyers and home owners to get a home loan that also covers the cost of a renovation or repair. The Section 203(k) program is usually used when buying a house that requires repairs or renovation, this makes it possible to finance all the cost of the home in order to make it hospitable with an affordable payment. The limited amount permitted to finance for repairs is 35,000 but must exceed $5,000 in cost.
The types of improvements that borrowers may make using Section 203(k) financing include:
If you are interested in learning more or starting the FHA 203k Renovation Loan process, contact us by filling out the form or calling us today!