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.