Changes to FHA 203K Renovation Loans
Exciting Changes to FHA 203(k) Renovation Loans: Effective November 4, 2024!
Get Ready to Unlock More Potential
We’re thrilled to announce some significant updates to the FHA 203(k) renovation loan program that will take effect on November 4, 2024. These changes are designed to make homeownership more accessible and empower you to transform your dream property.
FHA Limited 203(k): A Major Boost
One of the most exciting changes is the substantial increase in the maximum renovation amount for the FHA Limited 203(k) loan. This popular program now allows for renovations up to $75,000, significantly expanding your options for upgrading your dream home. The upside to using the limited program vs the Standard is that we don’t have to bring in a HUD consultant to over see the project. This helps keep the cost down for the buyer and speeds up the closing time frames.
FHA Standard 203(k) for Large-Scale Projects
If your renovation plans exceed the $75,000 limit, don’t worry! The FHA Standard 203(k) loan remains available for larger-scale projects, offering even more flexibility and financing options.
Key Benefits of the FHA 203(k) Program:
- Streamlined Process: Combine the purchase and renovation costs into a single loan.
- Flexible Financing: Choose from various loan terms and interest rates to suit your needs.
- Lower Down Payment: Benefit from the FHA’s low down payment requirements.
- Expert Guidance: Work with experienced professionals who can guide you through the renovation process.
Take Advantage of These Exciting Changes
Whether you’re looking to upgrade an existing home or purchase a property in need of repairs, the FHA 203(k) program can help you achieve your goals. Contact us today at (269) 360-7109 to learn more and explore your financing options. To learn more about all our renovation options check out the renovation section of our website.
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Unlock Your Dream Home: The Power of VA Renovation Loans
For veterans and active-duty military personnel, the dream of homeownership often comes with unique considerations. Finding the perfect home that meets all your needs and preferences can sometimes feel like a challenge, especially when inventory is tight. But what if you could purchase a home with untapped potential and tailor it to your exact specifications, all with the backing of your VA benefits? Enter the VA Renovation Loan – a powerful tool that can turn fixer-uppers into your forever home.
What is a VA Renovation Loan?
A VA Renovation Loan, allows eligible veterans, active-duty service members, and surviving spouses to finance both the purchase of a home and the cost of necessary or desired renovations in a single mortgage. This eliminates the need for multiple loans and streamlines the process of creating the perfect living space. It also opens up endless possibilities with home choices. All those houses they said won’t pass a VA appraisal, the VA renovation loan is the hack for that!