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Nice colonial style home
Nice colonial style home

203K Rehab Loans

“I found a home that requires a few renovations.”

  • 5% minimum down payment
  • Fixed rate loans for primary home purchases where the property requires improvements
  • Up to $35,000 worth of home repairs or improvements
  • Pick your own contractors
  • Wide variety of repairs covered including roofs, kitchen/bath remodels, flooring, paint, new appliances, plumbing/electrical repairs, and lead-based paint abatements

You are looking at a house with “good bones” but it needs a lot of work. The FHA 203(k) streamline loan program provides up to $35,000 for renovations and repairs of your primary residence by financing the after-improved value rather than the present value of the home. Qualified borrowers can then receive a single loan with just one closing.

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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, DC, FL, GA (License #42101), KY, MD, NC, PA, SC, TN, VA, WV | 308 Market St SE, Roanoke, VA 24011