From House To Home

203(K) – CERTIFIED CONTRACTOR

A renovation loan is a convenient, single loan that combines your home’s purchase price and home improvement expenses all in one loan. Financing is based on the value of the home after you make the improvements, so you’re not limited by the amount of equity currently available to you.

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How Does the 203(k) renovation Loan Work?

An FHA 203k mortgage provides financing for both the purchase and renovation of a home rolled into one mortgage loan. Once the home is purchased and the loan is closed, renovation funds are held in escrow to pay for pre-determined renovation work to be completed by an approved renovation contractor.
Loan limits, credit qualification, down payment and other requirements are the same as standard FHA loans. Supplementary guidelines are set forth specific to 203k loans to provide for renovation of the home.

203(K) Renovation Loan Calculator

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