203k Renovation Loans

Get financing assistance for purchasing a home and covering renovation costs up to $35,000 in eligible updates in a single loan. Perfect for someone looking to buy a home and make some improvements.

With only 3.5% down required, 203K Streamline financing can be the perfect choice for first time home buyers!

Basics of 203K Streamline Loans

203K Streamline Loans allow borrowers to obtain financing for a home PLUS get up to $35,000 for eligible improvements that do not include structural work. Licensed contractors must be used to complete the work.

The loans are available for most types of owner occupied properties including 1-4 unit homes, condos, and flats. Condos and homes in planned unit developments (PUDs) must be in FHA approved projects.

Additional Features Include

• Up to 6% seller contribution allowed. This means the seller of the home can help contribute towards closing costs.
• Gift funds may be allowed for full down payment, escrows, prepaids, and mortgage insurance premium.
• Minimum credit score require is 640. A FICO score below 640 requires compensating factors.
• Borrower may not have had a bankruptcy or foreclosure in the last 3 years.
• Borrowers have 6 months to complete the rehab work with a 6 month extension if necessary.
• Funds cannot be used for luxury items (e.g. swimming pools)
• Improvements must meet local building codes and pass inspection.
• Additional terms and conditions may apply. Contact us for details.