Rehab and Home Renovation
Everyone's financial situation is unique, and we’re here to find the right mortgage solution for you. With expert advice and access to competitive rates, we make the process smooth and stress-free.
FHA 203(k) Rehab & Home Renovation Loans
An FHA 203(k) loan is a government-backed mortgage that combines home purchase and renovation costs into a single loan. This loan is designed for buyers looking to restore or repair homes in need of updates while making them their primary residence.
Also known as an FHA construction loan, it provides financial support for both the purchase price and renovation expenses, including materials and labor.
Who Can Benefit?
This loan is ideal for low- to moderate-income families looking to buy and renovate older homes, particularly in aging neighborhoods. It allows borrowers to finance necessary home improvements under a fixed or adjustable-rate mortgage, making homeownership more affordable and accessible.
Pros and Cons of Rehab & Home Renovation Loans
Advantages
Minimum 3.5% down payment required.
Borrow up to 96.5% of the home's projected value after renovations.
Disadvantages
Mortgage Insurance Premium (MIP) is required.
Available only for primary, owner-occupied residences.
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Tiffinie Larkins
Mortgage Broker
License# 2169349
Brokerage License # 1862092
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