Renovate your new or existing home with our “all-in-one” financing solution!

‍Are you considering a fixer-upper, or simply want to upgrade your existing home?

When searching for your perfect home, sometimes you find one that is in a great location, but it’s missing your dream kitchen or needs exterior cosmetic work. Or maybe you find a house that has great curb appeal but still has shag carpet from the 70’s.

Perhaps, you aren’t searching for a new home, but after seeing a home improvement show on your favorite network you realized your house could use some upgrades.

At McGlone Mortgage, we have a home loan for that: an FHA 203k loan. This program includes additional funds for renovation costs and upgrades that can be done before you move in, allowing you to only use one loan with one payment!

What is an FHA 203k Renovation Loan?

FHA 203k Renovation Loans, also known as “rehab loans,” allow homebuyers to borrow the funds for a home purchase or renovation without the need of a second loan. Your mortgage amount is based on the projected value of the property once work is completed. As a Federal Housing Administration insured loan, an FHA 203k Renovation is perfect for a fixer upper or your dream home renovation!

‍Key Features and Benefits of FHA 203k Renovation Loans

• Total loan amount depends on several factors, including which renovation loan is best for you!
• Borrower has 6 months to complete renovations
• Flexible credit qualifying
• Minimum down payment of 3.5%
• Ability to purchase or refinance and include the cost of renovations and repairs without the need of a second loan
• Ability to finance up to 110% of the property’s improved value
• Minimum rehabilitation cost of $5,000
• Borrower may finance up to the first 6 months of mortgage payments if the property cannot be occupied during renovation

How an FHA 203k Renovation Loan Works:

FHA 203k mortgages provide financing for both the purchase and renovation of a home and property in one convenient loan. It is also used for renovations that require engineering or architectural drawings and inspections. FHA 203k Renovation loans do not allow luxury projects.

The loan limits, credit score and qualification, down payment, and other requirements for an FHA 203k loan are the same as standard FHA loans. For more information about this great program, contact your Loan Originator!