Are you considering doing a renovation? You should consider using the Renovation loan. This loan is a form of FHA financing, allowing for refinance or purchase, this loan has all that FHA has to offer, plus allowing home buyers and owners to use the future value of the home and get money for the renovation.
Your minimum loan amount will be $50,000.00 (Including Improvements)
Your maximum loan amount will be $271,000.00 (Including Improvements) or FHA maximum loan amount by counties
Your option for loan type is a 15 year or 30 year fixed purchase or refinance loans
The house must be at least 1 year old
The house must be currently or soon be owner occupied
Home improvement costs must be completed by approved, licensed and insured contractors
The 203 K Renovation loan has a list of eligible improvements and required improvements. for a complete list please click here.