RENOVATION

Other Loan Options

Section 203(k) enables homebuyers and homeowners to finance the purchase of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.

Features:

  • 3.5% down payment

  • Limited 203K Program available for less extensive repairs

  • Down payments can be gifted

FHA 203k Loan
HomeStyle® Renovation Mortgage

The HomeStyle® Renovation (HSR) mortgage permits borrowers to include financing for home improvements on a purchase or refinance transaction of an existing home.

 

Features:

 

  • Cost-effective way to renovate or improve your home

  • Single mortgage means lower closing costs and typically lower interest rates

  • Borrowers can qualify for a combined loan to value (CLTV) of up to 105%