Beautiful Kitchen in New Luxury Home. Fe

Renovation Loan

FHA 203(k)

Beautiful Ensuite Master Bathroom in New

To Buy a Home

Allows you to combine the purchase and the renovations of a home with just one loan

To Refinance a Home

Love where you live- renovate your current home into your dream hom

Increases the number of potential homes on the market 

Find the perfect neighborhood and create the perfect house

All repairs and upgrades are combined into your mortgage with one payment

The new loan is based on the "after-improved" value

What can you do with a 203(k)?

 
 
Upgrade your kitchen     Buy new appliances    Enhance your bathroom    Remodel your master
 
Add on to your current home    Replace plumbing    Fix a foundation    Replace floors    
 
Add or replace roofing, gutters and down spouts    Enhance accessibility for disabled persons
 
Make energy conservation improvements    Add a second story    Replace HVAC   
 
Interior or exterior painting    Door and/or window replacement    Update flooring
 
 
 
 
 
 
 

How does it work?

Whether you are looking to buy a fixer-upper or renovate your current home, a 203(k) loan allows you to borrow money based on the future value of the home after the repairs are complete. The funds are held in an escrow account and are released to the construction team as the milestones are met. There are two types of 201(k) loan, a Limited 203(k) and a Standard 203(k).

Limited 203(k)

Standard 203(k)

Less paperwork as part of the approval

For repairs and renovations up to $35,000

Requires a 203(k) consultant to inspect repairs, monitor construction  andrequests the release of funds from the lender

For major rehabilitation and new construction

Requires that the home be "habitable" throughout the renovation period

Can add up to 6 months of mortgage payments to the loan for the period the home is uninhabitable

If you have questions or are ready to apply

Call Cynthia Rock 972-771-4925

cynthia.rock@nrlmortgage.com