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Home Renovation Loans

Home Renovation Loan: FHA 203(k)

Have you found the "perfect"  home that requires minor to major renovation? Or would you like to refinance your home and roll into the loan the costs of renovation? If so, an FHA 203(k) loan may be a good choice for you.

Both the 203(k)loan for major renovations and the 203(k) Streamline loan for moderate renovations (up to $35,000) allow you to finance both the home AND the cost of repairs through a single mortgage.

Can I qualify?

  • Only 3.5% down payment required
  • Less than perfect credit? Qualification requirements are more flexible than other types of loans 

   Benefits of a 203(k) loan:

  • Save time and money with only one loan application and one set of closing costs, since both the purchase (or refinance) and improve-ment of your home are rolled into a single loan
  • Save money in the long run: by including renovation costs in the loan, you pay for these improvements over time at a much lower interest rate than conventional alternatives
  • Find a better deal on your home. Rather than paying a premium for a home in "perfect" condition, take advantage of the great prices on foreclosures or other homes in need of repairs and remodeling
  • Once the home purchase transaction is closed, renovation funds are held in escrow to pay for pre-determined rehabilitation work to be completed by approved contractors.

The 203(k) loan programs have filled an important void by providing affordable financing for poorly maintained properties such as foreclosures, and for potential homeowners who may not have adequate funds for a conventional down payment plus the additional rehab costs this type of distressed property often requires.

Guaranteed is not acting on behalf of or at the direction of HUD/FHA or the federal government. Programs, rates and terms subject to change without notice. Certain restrictions apply; not all applicants will qualify.

Guaranteed Home Mortgage Company, Inc- NMLS ID#:1615
108 Corporate Park Drive Ste. 301, White Plains, NY  10604
Toll Free:  (914) 339-6000
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