203(k) Loans
203(k) Loans
Renovation loans are financing options designed to help homeowners fund upgrades, remodeling, and repairs.
The Lowdown on Renovation Loans...
Why a Renovation Loan?
A renovation loan mortgage combines the cost of buying or refinancing a home with the funds needed for renovations, allowing homeowners to finance both in a single loan.
Overview of Renovation Loans
A renovation loan is designed for homeowners or buyers looking to make major repairs or upgrades to a property. Unlike standard home improvement loans that usually cover smaller projects, renovation loans provide financing for larger, more extensive renovations — making it possible to transform a home while managing costs under one loan.
Our Renovation Loan Rates Are Low & Our Process Quick & Painless
A Renovation loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it. Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. A lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom.
Often the loan will also include: 1) an up to 20% contingency reserve so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested and/or 2) a provision that gives you up to about six months of mortgage payments so you can live elsewhere while you’re remodeling, but still pay the mortgage payments on the new home.
We’re here to make the home renovation loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE Loan Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
The Renovation Loan Process
Here’s how our home loan process works:
Complete our simple Loan Qualifier
Receive options based on your unique criteria and scenario
Compare mortgage interest rates and terms
Choose the offer that best fits your needs
Quick Access to Funds: Renovation loans provide homeowners with immediate access to funds, allowing them to start projects without delay.
Increased Home Value: By financing renovations, homeowners can enhance their property's value, making it a worthwhile investment.
Flexible Repayment Options: Many renovation loans offer flexible repayment terms, making it easier to manage monthly payments.
Potential Tax Benefits: In some cases, the interest on home improvement loans may be tax-deductible, providing additional financial benefits.
Builds Credit: Successfully managing a renovation loan can help improve your credit score, as timely payments contribute positively to your credit history.
-Victoria C.
“Working with Ryan was a wonderful experience. He made himself readily available for any questions and was so helpful. Could not had made our recent townhome purchase without him. Would recommend him without reservations for your home finance needs”
-Lucila R.
“We decide to ask a question about what we needed to fix in our credit in order for us to get a house. We contacted Ryan and right away he called us and give us some advise in lest the 3 days he got an answer. We are so excited becuase we do not need to wait 2 years for us to buy a house. We can do it now. Thanks Ryan at ohanamortgage is helping us make our dream come true..”
