What is a Renovation and Construction Loan?
Designed for home rehabilitation purposes, FHA 203K loans can help pay for your home renovations. These loans are available both as a refinance and purchase. Thus, you can borrow against the equity in your home for home improvement and you can also get a single mortgage to finance both purchase and renovation of the home.
FHA 203K Loans can be a great option for home buyers who can meet these requirements:
- Be able to prove that money was spent on renovating your home
- Prove a decent credit score (580 or above)
- List of improvements (some are not eligible for financing such as swimming pools)
If you meet these requirements, you may be able to qualify for an FHA 203K Loan.
Why should you choose Mortgage Possible?
Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with suitable loan options for their needs and financial situations. Our team members are well-versed in renovation/construction loan rules and requirements and will ensure that you are knowledgeable about our mortgage process prior to committing to a loan.
For any questions about the renovation/construction Loan process or any of our other home loan services, give our team at Mortgage Possible a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!