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 home buyer put in a pool, to loans that assist in repairing weather damage, there are several options available to home buyers 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 homebuyers 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 LoanLeaders of America.
Extremely helpful and professional throughout the whole home buying process. Danny Schultz was available for anything we needed and treated every request with the urgency and efficiency you look for when dealing with the stressful task of buying a house. I have already recommended Loanleaders of America to my friends and family and will definitely continue too in the future. Thank you so much to Danny and the whole team at Loanleaders for making us feel like we were in good hands throughout every step of the way! If there was an option for more than 5 stars, this team deserves it!Jake M. from Chino, CA
First of all, thank you so much for the wonderful experience you provided during my home refinance. Andrew and Gina provided excellent service and communication. I will certainly be referring them and LoanLeaders to anyone I know who is looking for a loan. Thanks again!
Ann’ette P. from Woodland, WA
I would like to start off by saying that it was a pleasure to work with Zachary. He exemplifies what is to be considerate of the customer. He was always on his A game in helping in anyway that he could. He made himself available at all times and was very knowledgeable as well. Thanks for having him as a part of your team. He is truly an asset!Barrin H. from Homestead, FL
Jason was phenomenal! He worked with us through our issues, and helped us quickly with every roadblock we ran into. I definitely would recommend this mortgage company to anyone I know.Adam M from Elkins Park, PA
Rob has assisted my husband, myself and our families with many, many refinances over the past 7 years. He is very knowledgeable, responsive and goes the extra mile to find the right solution for each client. I would recommend him without hesitation!R Marienlun from Martinez, CA
Jeff did a great job for us with no problems closed on time was very helpful with all our questions. Even a couple years after the transaction was completed he is still there to help answer any questions that may come up.M Reimbold from Yorba Linda, CA