Renovation Loans – FHA 203(k)

Whether you're looking to finance the purchase and renovation of a home, or want to remodel your present one, an FHA 203(k) loan might be right for you.  You can finance a wide variety of remodel and rehab projects to make the home more livable, including additions, system upgrades, weatherproofing, or even solar energy equipment –and one loan finances both the home purchase and rehab costs. 

HomeStreet Bank is a recognized expert in FHA 203(k) financing, with nearly 20 years of experience helping home buyers take advantage of this unique loan.   

In today's housing market many shoppers are finding more homes in need of updating, or even basic repairs to make them livable.  Some home buyers are purchasing bank-owned properties at attractive prices, but they sometimes need extensive work.  Other homes must sell "as is," but whatever the reason, an FHA 203(k) renovation loan can be a great solution for the buyer and the seller.

FHA 203(k) Features:

• A single loan for both purchase and rehab (remodeling) costs.
• The loan closes before the work begins.
• The buyer has up to six months to complete the repairs or remodeling.
• Down payments as low as 3.5% (down payment can be gifted)
• Less stringent qualifying requirements.

The ceiling on FHA 203(k) renovation loans has increased to equal the maximum allowable loan amount for the area, so even buyers in more expensive regions can take advantage of this great loan option.

HomeStreet also offers conventional renovation loans.

Please contact a HomeStreet loan officer for more information on renovation loans and to determine if a 203(k) loan is right for you.

For detailed information on the FHA 203(k) site visit HUD.gov.