Combine the cost of a home and renovations into one loan, making it easier to upgrade or customize a property.
Renovation Loans, including FHA 203k programs, allow borrowers to finance both the purchase or refinance of a property and the cost of improvements within a single loan. This creates a streamlined solution for buyers who want to update, repair, or fully renovate a home without needing separate financing.
This program is ideal for buyers purchasing homes that may need repairs, homeowners looking to improve their current property, or investors working on light to moderate renovations. Instead of paying out of pocket or securing high-interest short-term funds, the renovation costs are rolled into one long-term mortgage.
Typical qualification requirements include a stable income, an acceptable credit profile, and the ability to meet standard FHA guidelines. The renovation portion of the loan requires contractor bids, project plans, and approval through the lender to ensure the scope of work is appropriate and adds value to the property.
Renovation Loans are especially useful in competitive markets where updated homes are priced at a premium. By purchasing a property in need of work and improving it over time, borrowers can potentially create equity while customizing the home to their needs.
We offer Renovation Loan programs in Washington, Oregon, California, and Arizona, and guide borrowers through every step. From initial planning and contractor coordination to funding and project completion.