Ready to Start the Renovation Loan Process?


Explore the Benefits of FHA 203(k) & HomeStyle Loans!

These renovation programs enable consumers the ability to finance either the purchase or refinance of a residential property and include renovation/ rehabilitation costs within one loan, a single interest rate and with one closing

Re-invent renovation lending:

  • Creating home ownership opportunities by leveling the playing field
  • “Renogizing” TLC listings
  • Raising property value with every appraisal
  • Expanding Real Estate professionals careers

Note: Subject property must have existed for at least one year, with a final CO having been issued & generally may not complete unfinished new construction

203(k) & HomeStyle Highlights/Advantages

  • Combine the costs of the property rehabilitation for both purchase or refinance transactions. Building the rehabilitation escrow can include other costs such as reserves, inspections, permits and more (all in one closing & one rate)
  • Include simple cosmetic repairs up to total “Knockdown-Rebuilds” Note: existing foundations must remain unaffected and intact on 203k loans with exceptions
  • Close on the property in its “current” condition & perform all work after closing.
  • Cure open building permits and/or violations (case by case)
  • Appraisals reflect an “as-repaired” value as if all the work had been completed and is “subject to the completion of all specified work.” Note: 203k loans may require an “as-is” appraisal along with the ‘as-repaired” appraisal
  • Property conversions possible (203k only)

Eligible Repairs

Include, but not limited to:

  • Health & Safety Hazard Elimination
  • Structural Alterations & Reconstruction
  • Flooring, Tiling & Carpeting
  • Kitchens & Bathrooms
  • Enhanced handicap Accessibility
  • Dormers, extensions, Finished Basements

Ineligible Repairs

  • Luxury & Recreation Items
  • Pools & Exterior Hot Tubs (pools eligible for HomeStyle)
  • Barbecue Pits & Fireplaces
  • Gazebos or Tennis Courts
  • Improvements for Commercial Use
  • Additions not attached to main dwelling (additions eligible for HomeStyle)