- One loan to purchase a home and make renovations or repairs.
- Conventional or FHA 203(k) loan options.
- Available with a fixed or adjustable rate.
- Includes single-family, one- to four-family units, planned unit developments and condominiums.
- More money: Loan amount is based on the home value after improvements are made.
- Lower monthly payments: Costs are spread throughout the term of the loan, so your monthly payments may be lower than other financing options.
- More choices: Look at properties you wouldn’t otherwise consider.
- Speed: Start improvements right after closing.
- Tax deductibility: Interest may be tax deductible (consult your tax advisor on the deductibility of interest).
- Although FHA loans have the benefit of a low down payment, in many instances, FHA may be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.
- Financing may not be available for luxury items such as a pool, hot tub or spa with all programs.
- FHA loans require hiring a contractor.