Renovation Loans

Likely one of the most highly beneficial and most infrequently used loan products in today's buying and refinance marketplace are home renovation loans.  These loans are commonly referred to as Rehab (Rehabilitation), Reno (Renovation) or 203k Loans (FHA's renovation product code).  

Renovation Purchase Loans

Basic Benefits of Purchase Renovation Loans:

  • Same qualification and guidelines as regular Conventional and FHA loans 
  • Borrow against the home's future/improved value not its current value
  • Purchase and improve a home that other potential buyers may not consider
  • Make energy improvements, update kitchens and baths, enhance curb appeal

Renovation Refinance Loans

Common Benefits of Refinance Renovation Loans:

  • Borrow against your home's future value to update your home
  • Update your home instead of selling and without selling/moving/uprooting you and your family
  • Shop/bid your renovations among the most local/licensed contractors on your time
  • Make possible energy improvements like energy efficient windows, spray insultation, and HVAC upgrades
  • Seize the chance to make much needed updates to roofing, plumbing, electrical, and/or general architectural design/layout
  • Update your kitchen and bathrooms
  • Give your home that much needed curb appeal
  • Add a pool (Conventional only)

Want more information regarding renovation loans? Contact our office or get pre-approved for a renovation loan.