Buy A Fixer Upper-Renovate

Make your dream home happen with an FHA 203(k) Loan

If you’re considering buying an older home, you may be tempted by its lower price but wondering how you can afford to renovate. An FHA 203(k) Rehab loan can help you buy a fixer-upper and finance renovations, as it offers you additional funding to finance a variety of renovations and repairs. For example, you can:

  • Repair or replace your home’s roof, air conditioning, heating, electrical or plumbing systems

  • Add insulation, replace windows, and carry out other energy-saving improvements to lower your utility bills  Replace old flooring, carpets and appliances

  • Adding a garage, deck or porch

A 203(k) loan may help you save money as you won’t have to find a separate source of financing for renovations, and you only pay for one closing.

Choose from a Limited or Full 203(k) Loan

If your planned renovations are non-structural and won’t cost more than $35,000, you may qualify for an FHA Limited 203(k) loan*. Generally, we can close these loans faster, since consulting with a HUD specialist isn’t necessary. Both loans are provided as 30-year, fixed-rate loans for easy budgeting.

No matter which you choose, you can make your home more comfortable and energy-efficient while increasing its value before you move in. Contact me today to get started.