Designed for home rehabilitation purposes, FHA 203(k) 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.
FHA 203(k) Loans can be a great option for home buyers who can meet these requirements:
To encourage revitalization of older Southern California neighborhoods or damaged homes, FHA provides two types of loans to help homebuyers reserve a portion of loan funds to accomplish non-structural and structural repairs.
A standard 203(k) loan is provided for properties with need for structural upgrades.
203(k) Eligible Repairs and Improvements include:
Repair/Replacement of roofs, gutters, and downspouts
Repair/Replacement/Upgrade of existing HVAC, plumbing, and electrical systems
Ineligible Repairs include:
A Limited 203(k) loan covers non-structural upgrades, such as painting, new counters, cabinets, patching holes, replacing doors, repair/installation of HVAC systems, and purchase/installation of new appliances. The maximum repair amount which can be financed using a Limited 203(k) loan is $35,000 with no minimum requirement for repairs.
Eligible SoCal properties for a 203(k) loan include:
Before applying to receive a home renovation loan, decide as best you can regarding 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 us. Different loans offer different amounts to borrowers, so talking to a licensed Loan Officer 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 whether you qualify for an FHA 203(k) loan, Contact The Kolesar Team.
Working with Brendan was amazing! He always had my best interest in mind and was eager to help with anything regarding the loan process. He explained everything in a way so that I could have a better understanding. The Kolesar team were always quick to respond to my questions no matter the time of day. They were fast in processing my loan and made it easy for me while working my full time job. I was able to upload all paperwork electronically which was great. They are the best and I will be working with them again in the future for any lending needs.Lauren Hieb
This is my second loan in 6 months and the efficiency and patience with Tiffiney and Brendan were fantastic as usual. I would use them again.Deanne Bourne
I had the best experience with The Kolesar Team ! We really had no clue how to even begin the loan process and they helped us through every step of the way. Thanks again team!Arielle Dumaw Whitman
I don’t normally make endorsements of other people’s companies, but when I do – I mean it! We are beginning our 5th deal with Brendan Kolesar and his Team of experts (with 2 more hopefully in the pipeline). I’ve spent a lifetime in this business, many of my old friends have either died or retired. This caused me to seek out new young blood to work with. It isn’t easy finding professionals that really understand their profession, all the related nuances, have excellent communication skills, provide outstanding service, and are more than competitive with rates and fees. I highly recommend Brendan and The Kolesar Team!Ron Martin
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