Homebuying September 29 2017

FHA 203(k) - The Renovations Loan

You may have suffered some damage to your home due to a recent natural disaster such as flooding, storm or fires. Or maybe you just found a great deal on a depreciated home! Either way, you may want to consider looking into an FHA 203(k) loan.

This rehabilitation mortgage allows for borrowers to buy or refinance a home to finance the cost of the renovations using the future value of the home. You just have to make sure you are planning on using this home as your primary residence (sorry, no investment properties).

Here is how it works

Let's say your home suffered some roofing damage due to a storm and you will need to completely remodel your kitchen. If you qualify for a standard FHA 203(k), the loan will allow you to make disbursements from the escrowed renovation funds in order to fund your remodel.

If your damage is not as extensive as a major remodel or landscaping, a Limited FHA 203(k) may be a better option. This plan is set in place for repainting, damage to flooring and other smaller scale renovations.

Keep in mind, if your home has suffered major damage, consider looking into an FHA 203(h) instead.   FHA 203k the renovations loan  

Have you or anyone you know has suffered damage to their home due to recent disaster?

Speak to a Loan Officer today!

Search Results for query

August 19 2019

Don’t Let Credit Bumps Hold You Back

While your credit is an important factor when considering homeownership, a common misconception is that you need perfect credit to buy a home.

Read More

August 09 2019

How Credit Impacts Home Pricing

Your credit will influence your homebuying experience, from setting your sights on a home to securing a loan and everything in between. But how exactly does credit affect home pricing?

 

Read More

July 31 2019

Your Reverse Mortgage Questions, Answered

If you are 62 years of age or older, could use a cash infusion and have a large amount of equity in your home, a Reverse Mortgage may be just the financial tool you have been looking for. Essentially, your mortgage now pays you (instead of vice versa) and you...

Read More

July 24 2019

Benefits of Downsizing: Money

The average size of homes is decreasing as the number of homeowners deciding to downsize increases. A smaller home could mean big financial benefits.

Read More

July 19 2019

Benefit of Downsizing: Less Maintenance

If you're thinking of downsizing your home, less maintenance could bring you big benefits.

Read More

July 11 2019

Family, Friends, & Fulfilling the Dream of Homeownership

The prospect of coming up with a down payment for a home can feel downright scary, but luckily there are plenty of options out there! 

Read More

June 25 2019

The Modern Digital Mortgage Application

Technology has changed the way we live our lives. The way we connect, stay in touch, travel, and shop. And now it’s changing the home financing, too! Get pre-qualified for a home loan faster and easier than ever before – from any device, anywhere...

Read More

June 17 2019

Looking for a mortgage with flexibility?

Qualifying for a mortgage is now easier than ever before! If you have less-than-perfect credit or are carrying some higher debt, you may still qualify for a home loan with Eagle Home Mortgage’s new flexible financing option.

Read More

June 11 2019

Mortgage Rates are Trending Downward

Mortgage rates are constantly changing, but they have remained low for quite some time now. If you’re in the market for mortgage financing, it may make sense to go ahead and get pre-qualified now!

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?