203K Renovation Home Loans
A renovation loan can help eligible buyers or homeowners finance a home and certain improvement costs through one mortgage.
One common option is an FHA 203(k) renovation loan, which may allow you to buy or refinance a home that needs repairs and include approved renovation costs in the loan. This can be helpful for buyers looking at a fixer-upper or homeowners who want to improve their current home without taking out a separate construction loan.
What Can a Renovation Loan Be Used For?
Renovation loan options may help with approved repairs and improvements such as:
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Flooring, paint, and cosmetic updates
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Roof, plumbing, electrical, or HVAC repairs
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Kitchen or bathroom updates
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Health and safety repairs
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Certain structural repairs, depending on the program
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Improvements that help make the home safer, more functional, or more livable
FHA 203(k) loans generally fall into two categories:
1. Limited 203(k): Often used for smaller, non-structural repairs or updates
2. Standard 203(k): Typically used for larger renovation projects, including certain structural repairs, and may require additional oversight.
Is a Renovation Loan Right for You?
A renovation mortgage may be a good fit if you want to:
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Buy a home that needs work
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Refinance and improve your current home
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Finance repairs without using a separate personal loan
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Turn a property with potential into a home that better fits your needs.
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Renovation loans are not for every project, and not all improvements are eligible. Final approval depends on the borrower, property, renovation plans, contractor details, program guidelines, and lender requirements.
The Premier Lending Team is based in Arcadia, FL and serves borrowers in states where properly licensed. Renovation loan and FHA 203(k) approval is subject to borrower eligibility, credit approval, income verification, property approval, contractor approval, renovation scope, appraisal review, program guidelines, and lender requirements. Not affiliated with or endorsed by the Federal Housing Administration, HUD, or any government agency.