What is a Renovation and Construction Loan?

Designed for home rehabilitation purposes, FHA 203K loans can help pay for your home renovations. These loans are available both as a refinance and purchase. Thus, you can borrow against the equity in your home for home improvement and you can also get a single mortgage to finance both purchase and renovation of the home.

Kitchen


Eligibility


FHA 203K Loans can be a great option for home buyers who can meet these requirements:

  1. Be able to prove that money was spent on renovating your home
  2. Prove a decent credit score (580 or above)
  3. List of improvements (some are not eligible for financing such as swimming pools)

If you meet these requirements, you may be able to qualify for an FHA 203K Loan.

Why should you choose LowRates?


Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in renovation and construction loan rules and requirements and will ensure you are knowledgeable about our mortgage process prior to committing to a loan.


For any questions about the Renovation and Construction Loan process or any of our other home loan services, give our team at LowRates a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!


How It Works

Step One

Use our online application to send in your request or contact our office via phone or email.


Apply Now

Step Two

Once your application is complete, we’ll take a look at your family’s financial situation and home loan needs and then pair you with a list of mortgage options.

Step Three

Review and discuss your loan options with your loan officer to make sure you choose the right loan for your needs.




Step Four

Once your loan is chosen and your application is accepted, you are ready to close!