Renovation Loans

FHA 203(k)

The Federal Housing Administration (FHA) offers loans specifically for renovation. FHA 203(k) funds a primary residence including repairs in one mortgage with a minimum down payment of 3.5%. There are two types of 203(k) loans:

  • Standard FHA 203(k)
    Allows borrowers the flexibility to finance major rehabilitation that costs a minimum of $5,000 up the county limit.
  • Streamline FHA 203(k)
    Provides financing for minor renovations and repairs up to $35,000 of your mortgage.

FNMA HomeStyle

Fannie Mae (FNMA) Home Style allows you to purchase and renovate a primary residence, second home or investment property* with a minimum down payment of 5% in a single mortgage up to the lending limit.

For more information about this loan type or any others, please feel free to contact me at jhalbert@firsthome.com, or call (301) 327-5803.