Renovation Mortgage Loans
Renovation loans allow you to buy or refinance a home and fund repairs or improvements with one streamlined mortgage. Ideal for homes in need of upgrades or repairs.
FHA 203(k) Renovation Loans – Finance and Renovate with One Loan
The FHA 203(k) renovation loan is an excellent solution for buyers and property owners who want to finance both the purchase (or refinance) and the renovation of a property—all with one streamlined loan.
This program is backed by the Federal Housing Administration (FHA) and is specifically designed for properties in need of repair or modernization. It’s ideal for those looking to improve the functionality, safety, or aesthetics of their real estate investment.
Info Card
Mortgage Maestro
NMLS: 1110647
804-212-8663
duane@coast2coastml.com
Two Types of 203(k) Loans
- Standard 203(k): Best suited for major renovations or structural changes. Requires a HUD consultant to oversee the project.
- Limited 203(k): Ideal for minor updates and repairs, with a maximum repair budget (typically up to $35,000) and no consultant required.
Benefits of an FHA 203(k) Loan
Single Loan Convenience:
Combines property financing and renovation costs into one mortgage.
Low Down Payment Options:
With FHA guidelines, qualified borrowers can access financing with as little as 3.5% down.
Flexible Property Types:
Applies to single-family homes, multi-unit properties (up to 4 units), and even certain condos or mixed-use buildings.
Broad Renovation Scope:
Covers everything from structural repairs and room additions to roofing, plumbing, HVAC, accessibility improvements, and energy efficiency upgrades.
Why Work With Us?
We simplify the 203(k) process by coordinating with licensed contractors, appraisers, and FHA-approved lenders to ensure your renovation loan is properly structured and managed from application to final inspection. Our experience helps reduce delays and costly errors—so your renovation stays on track and within budget.