According to CNBC, renovations that improve curb appeal — like garage door replacements, wood deck additions, and veneer installations — are paying homeowners back 18% higher than last
Home Improvements Could Grow Your Property Value and Make Your House Easier to Sell
20% of REALTORS say a kitchen upgrade helped close a home sale, according to the 2019 Remodeling Impact Report
Consumer Reports notes that making needed or wanted repairs and improvements can save you money on homeowners insurance
What’s an FHA 203(k) Renovation Loan?
Also sometimes referred to as a Rehab Loan, an FHA 203(k) loan allows you to finance not just the purchase of a home, but wanted or needed repairs and improvements.
This type of loan is ideal for current or new-to-you homes that need major TLC, but aren’t eligible for standard mortgage loans. Because your lender keeps track of the repairs you do, you can get a loan approved for a home that wouldn’t otherwise be eligible.
With a single loan, you can buy a fixer-upper AND fix it up. Or renovate your current home to get more enjoyment out of living there!
2 Ways to Use Your FHA 203(k) Loan
Buy a Fixer-Upper (and Fix It Up)
Or... Renovate Your Current Home!
Your Renovation Wish List Could Include...
Increase window size
Bring in more natural light
Finish a basement or attic
Create a mother-in-law apartment or guest space
Correct foundational issues
Protect your investment for the long-term
Add a detached garage when one does not exist
There’s room for everyone
Knock down walls
Open up the floor plan to create versatile, welcoming spaces
Flood-proof your property
Add a retaining wall to prevent expensive damage
Repair the pool
Tired of leaks and cracks? Fix the pool & start enjoying it
Expand or refresh the kitchen
Cooking is just more fun in an updated kitchen
Add square footage
Growing your family? Grow your home alongside it!
How Does a Renovation Loan Work?
Depending on the types of repairs you plan to do, you have two options when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.