203k Home Renovation Loan
Whether you’re planning to purchase a home for rehabilitation or you simply want to get your home back in style, the Banc Home Loans 203k Renovation Loan is the perfect fit.
The 203k loan is a federally insured rehabilitation loan which includes the purchase price of a new home or the current balance of an existing mortgage, plus the cost of the improvements into a single mortgage. With a 203k loan, borrowers can allocate funds for minor home updates and major rehabilitation into the loan. Renovation funds are placed in escrow and released as work is completed on the home. The 203k follows FHA qualification guidelines and offers low down payments and competitive fixed or adjustable rates.
Benefits of the FHA 203k Home Rehabilitation Loan
- Use “subject-to completed” value for loan qualifications
- Lower down payment requirement than for most standard conventional financing
- One to four-unit owner-occupied homes
- Multiple financing options including 30 or 15 year fixed rate loans
- Finance mortgage payments during construction if the home is inhabitable
- Pre and Post Close Support With RenovationReady®, A Division Of Banc Home Loans
Banc Home Loans utilizes our service subsidiary RenovationReady® for pre-close home inspections, project documentation and post-close inspections and funding. RenovationReady® helps borrowers navigate the 203k loan with a proven process designed to alleviate the complexities of the 203k loan paperwork and procedures. From start to finish, RenovationReady® is with you through the entire renovation lending process.
NOTE: Not all applicants will qualify. Program availability and terms are subject to change without notification. Neither Banc Home Loans nor the above-noted agencies warrant that you will qualify for any of the aforementioned loan products. This product listing is not a contract, nor exhaustive program description, and does not constitute loan qualification or approval.