A 203(k) loan, often referred to as a renovation loan, is a powerful financial tool that combines the costs of home repairs or renovations with the purchase price of the property. Backed by the federal government, these loans serve a dual purpose: promoting first-time homeownership and revitalizing communities by funding the rehabilitation of distressed properties.
Unlike some other loan programs, 203(k) loans don't have income restrictions. They're accessible to a wide range of borrowers.
You can use a 203(k) loan for minor repairs or major renovations. The minimum repair amount required is only $5,000.
Whether it's a single-family home, a duplex, a triplex, or a four-plex, 203(k) loans cover various property types. The key requirement is that the property must be your primary residence.
As approved 203(k) HUD Consultants, we're well-versed in the complexities of these loans. Here's what we offer:
We'll walk you through the entire process, from understanding eligibility to completing paperwork.
Our expertise extends beyond code consulting. We evaluate properties, estimate repair costs, and ensure compliance.
By facilitating 203(k) loans, we contribute to neighborhood revitalization and affordable housing solutions.
As approved 203(k) HUD Consultants, we're well-versed in the complexities of these loans. Here's what we offer: