203k Renovation – Millenari Mortgage Group Mortgage
What is a FHA 203K Renovation Loan?
The FHA 203k renovation loan gives qualified home owners and homebuyers the power to fund major upgrades to their homes while keeping their total expenses to a minimum. You can get access to a significant amount of financing for repairs, remodeling, and renovations while saving the cost(s) of taking out one or more loans through a 3rd party or second mortgage.
The FHA 203k (government-insured) helps mortgage clients who wish to fix or remodel a residence during the time of purchase or refinance. The lender rolls the renovation money to fund (or refinance) a home and finish repairs into a single mortgage loan. You will get a fixed rate, with only a 3.5% down payment.
Down Payment & Closing Costs Assistance Programs
Purchasing a home can be less expensive than you think.
By going with one loan, you can skip paying the additional expenses which a second loan or mortgage would require. Additionally you bypass the higher interest rates associated with short-term lending. Your advantages include:
- One monthly payment
- Appraised “after-improved” value
- Fixed interest rate
- One time closing and closing costs
Can an FHA 203 help fix my house?
To be eligible, the residence must be a minimum of one year old and fall within local Federal Housing Authority price guidelines. The project should cost at least $5,000. The cap is set at an additional 50 percent of the appraised value after completed repairs, including contingencies.
The FHA 203k loan, particularly appeals to home owners and homebuyers with limited repair budgets.
Construction options such as aging pipes, leaky roofs or floors can run up prices rapidly. With this help, owners could make changes while reducing the blow to their personal savings.
A list of regular upgrades for FHA 203k financing might be discovered on-line. Among the ways the program might help buyers like you:
- Make structural changes and reconstruction
- Modernize or remodel rooms
- Repair or replace flooring, roofing and pipes
- Improve function, appearance, landscaping, energy conservation, health, security or accessibility
Streamlined FHA 203K
The Streamlined FHA program handles smaller jobs. It may help home owners with improvements which price up to $35,000. There’s a maximum value that determines land eligibility.
These plans might help you make instant alterations like:
- Fix or replace roofs, gutters, downspouts, flooring system, well, exterior decks, patios, porches, doors and windows
- Upgrade present Heating and air conditioning, plumbing and electrical systems (HVAC)
- Remodel or complete basements or kitchens, without structural work
- Paint, weatherize and waterproof
- Purchase and set up appliances
- Improve handicapped accessibility
- Correct lead paint issues
Renovate Your Dream Home
At Millenari Mortgage Group we do our best to take the guesswork out of renovation financing. Our different loan programs can turn any house into your home. From small cosmetic updates to major projects such as room additions, foundations repairs or even putting in an inground pool, we have a renovation loan to help! While we don’t have Chip and Joanna, we have assembled the best renovation lending department in the industry to guide you through this financing option.
Renovation Loan Facts
Renovate a house into a home. Learn more about using a renovation loan.
Home Purchase and Renovations Rolled Into One
Buyers combine purchase and renovation costs into one loan.
Available for Purchase and Refinance
This loan option is available for purchase and refinance.
Gift Funds Allowed
The buyer can use gifted funds with this loan option.
4 Types of Renovation Loans Available
We offer FHA 203K Limited and Standard, FNMA Homestyle, and VA Renovation loans.
Renovation Loan Department
Our renovation loan department offers more than 20 years of in depth knowledge.
We can help you assemble a team of renovation professionals bring your vision to life.