Yes. There are a variety of different loans available when looking for a mortgage that helps pay for home renovations. From loans dedicated to helping the homebuyer put in a pool, to loans that assist in repairing weather damage, there are several options available to homebuyers who are interested in renovating or repairing a new home. One of the most common home renovation loans is an FHA 203(k).
An FHA 203(k) is a loan program provided for by the Federal Housing Administration.
This type of loan allows home buyers to purchase a home with the cost of specific repairs included in the mortgage amount. These loans are primarily directed toward first time home buyers, but there are several qualifications that determine if you are eligible for one of these home renovation loans.
The borrower must be able to prove that money was spent on renovating the house. An eligible credit score must also be proven, but fortunately enough for homebuyers looking to take out this type of loan, the minimum credit score is easier to obtain than other loans. If you have around a 640 credit score, you could qualify to receive an FHA 203(k).
Before applying to receive a home renovation loan, decide as best you can how much money you will need to begin your home renovation. If you hire a contractor, ask them to give you an estimate on the total cost of the home repairs. Once you have that specific number, discuss the possibility of a home renovation loan with a mortgage broker. Different loans offer different amounts to borrowers, so talking to a mortgage broker can help determine the specific loan and amount that fits your project’s goals.
For any further questions about the types of home renovation loans we offer or if you qualify for an FHA 203(k) loan, Contact The Kolesar Team.
Brendan and the team are as good as it gets! I’ve done multiple transactions through them over the past 5 years now and I guarantee you will be happy you used them.Scott Brouse
We embarked on our loan process thinking we would use an out of state loan agent we had used in the past despite our real estate agents recommendation of Brendan and team. After a couple hiccups with our other our other loan agent, we called Brendan. We were so impressed from the start with his clear communication and up front information. He, Tiffiney and Shannon remained responsive and thoroughly knowledgeable of every facet of the loan process. There were no unexpected surprises, everything that was possible was communicated from the start. We had an unbelievably unstressful experience! I wish they could have handled our escrow process too. You won’t be disappointed with the service they provide.Erica Sampo
Brendan and his team were an absolute pleasure to work with. They kept me informed during every step of my home purchase. I was able to get quick answers to all of my questions. I could not have asked for a more seamless process in purchasing a home. Thank you so much for all of your teams hard work and dedication. This truly has been an excellent experience and my daughter and I are looking forward to settling into our new home. Thanks again!Greg Simpson
We cannot say enough about our real estate agent, Chris Fox, and Sean Stanfield with the Kolesar Team at Home Point Financial! Their professionalism, caring nature, extensive knowledge, and ongoing communication was impressive. Throughout our home buying process, they were extremely patient and responsive, which helped make this experience enjoyable (and definitely not stressful)! The entire team is trustworthy, and we highly recommend them for your next real estate transaction!Kelli Bremonte Cardenas
Brendan and his team were wonderful. I have never experienced a service like it. Everything was so stress free and his team were EXCELLENT with their communication. When you meet someone and they tell you “don’t worry, I’m here to handle it all” it does put you at ease and Brendan was that man! Thank you, thank you, thank you, for making my recent house purchase so easy and (dare I say it?) fun! I especially love the kooky videos they send you which explains everything in very easy to understand terms.Debbie Price