With a Renovation Loan, extra funding is allotted toward home improvement in addition to the initial amount of a purchase or refinance loan. You can use this loan for a home you want to buy and remodel. You can also refinance your current residence that needs renovation. If you use this type of loan for your current residence, you may be able to improve the interest rate compared to your prior loan. Renovation Loans often come with a higher interest rate due to the associated construction and restoration risks.
An FHA 203k Loan is available to individuals who would like to purchase or refinance. It is available for any type of property. This loan allows you to borrow additional funds to be put toward remodel work on the home. All aspects of this loan are similar to that of a standard FHA loan.
There are two options for a 203k Loan: Full or Streamline. Use our Quick Contact form on the sidebar, or Email Us for information on maximum loan limits within your county.