Home Renovation Loan Program
Often those who are purchasing or refinancing property don’t have the funds in pocket to do repairs or additions. With the FHA 203k Home Renovation loan program you can purchase or refinance a property and do necessary repairs, add an addition and finance it all in 1 loan. This program will works for 1 to 4 unit owner occupied can have commercial space if less than 51%.
- Talk with a 203k Lender and get pre-qualified, ask questions regarding the loan process.
- If you’re buying, find realtor/broker who has understanding of the 203k program, so that they can help you find a property that fits what you are looking for. If you are doing a re-finance, remodel, or doing an addition go to step #3.
- Hire a 203k Consultant, we schedule a meeting, meet at your project and go over the specifics of what has to be done (HUD minimum property standards) as well as the items you would like repair or upgrade. I will then take all your information and put it together creating a Work Write Up package including a Specifications of Repairs (SOR) (Which goes to the lender For final loan approval)
- At this time if you didn’t have a contractor already in mind, we would assist you in finding the right contractor for your job. We will work with the contractor to finalize their bids and complete the (SOR) Specification of Repairs.
- Once your loan is approved there are draw inspections every 30 days until completed, taking no longer than 6 months to complete.