FHA 203k Renovation Loans
What is an FHA 203k Loan?
Purchasing a home in need of major repair or planning a remodel of your existing home can be overwhelming. But securing financing to tackle these projects doesn’t have to be a daunting task.
FHA 203k Renovation Loans are designed for people wanting to finance both the mortgage to purchase or refinance a fixer-upper and the funds needed to repair and remodel the property all in a single loan with one application, one closing, and one monthly payment. The loan amount is determined by using the after-improved value; a borrower can receive up to 110% of the after-improved value up to the FHA loan limit.
An FHA 203k Renovation Loan can be used to purchase or refinance a primary residence, regardless of property condition. A minimum of $5,000 in eligible repairs is required, from upgrading appliances to scrapping a property and rebuilding (no luxury improvements, like pools, are allowed).
What is RenovationReady®?
As the largest 203k lender referral network in the US, RenovationReady® provides specialized FHA 203k remodel loan processing to help make the lending process fast and easy. Our 203k Loan Officers have experience in renovation loans and we are ready to answer your questions. If you’re in the market for a 203k loan or remodel loan you’ve come to the right place.
How is RenovationReady® different?
- Our team takes care of the FHA 203k loan processing for CFS Mortgage…and that’s all we do.
- What’s the difference between FHA 203k Standard and FHA 203k Streamline? We’ll help you determine which is best for your situation.
- Because of our product focus, our processors are uniquely trained to work with you, your contractor, and a renovation consultant to make sure that all steps in the process are completed on-time and done correctly the first time.
- We have renovation consultants and inspectors in all major housing markets who are members of our program.
- We process hundreds of 203k loans every month. We have developed a one-of-a-kind expertise in processing 203k forms and administering the various parties to the transaction – consultant, contractor, Realtor, and loan officer.
For more information
Contact our loan officer today to see if a FHA 203k and RenovationReady® is the right solution for you. CFS Mortgage has provided FHA 203k for more than 30 years and it would be a pleasure to help you with a FHA 203k.