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:
If you meet these requirements, you may be able to qualify for an FHA 203(k) Loan.
203(k) Eligible Repairs and Improvements include:
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 regarding 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 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 Rene Ruiz.
Clear communication, a smooth process and great results. I felt well-supported and in good hands throughout. Being self-employed, obtaining any financing is a challenging process these days. However, my lender discussed a strategy and options for which I could prepare. The process went smoothly and I received guidance and support throughout. All questions and concerns were answered promptly and I was always treated with respect and courtesy. The loan exceeded expectations and fees were low.Sobrien la
Everything was very smooth and we feel the staff went above and beyond to obtain our loan!!!! Documents were presented to us in a very understandable way as well.newjanam
This is the second time I have refinanced with Rene. Both times Rene had worked relentlessly to help find me the best rate possible. This time he has actually exceeded my financial goal! He is pleasant, precise and explains everything clearly. He answers any question you might have in a timely manner if not immediately. I have recommended him to friends in the past and am happy to use this forum to recommend him to others!user746881
Rene was thorough, professional, knowledgeable and always willing to answer questions. He walked us through every step and we couldn’t be more pleased with his services. Recommend without hesitation.Jeff Frohner
This was my 2nd refi with Rene on my new home purchase within the past year. The goal was to lower the payment and get a low 4% rate on our loan. The process was quite easy and i would recommend Rene to a family or friend any time. Outstanding attention to detail and always quick to respond to my requests. Overall, Rene and his team met our refinancing needs very well! The entire process took approximately 3-4 weeks and we had a decent lender refund also.mmasero99
Rene was very helpful. He went over details and insisted we look at other loan options to make sure we had the information we needed. We were able to refi very quickly and are very happy with our new loan. The use of the internet made the sending and receiving necessary documents a breeze. Rene and his team were prompt helpful and fun to work with. I definitely recommend them for your Mortgage needs.user8001030
I had worked with Rene for the second time in refinancing my property. Rene is very knowlegable, helpful and responsive. He explains every detail of the refinance process. His whole team is awesome. I will recommend Rene to my friends and to anybody who is interested in refinancing their properties.koriyente
Rene was informative and laid out all of my options during my initial call about my refinance. He was willing to answer all of my questions & he wasn’t pushy.sbucher288
Best experience I have ever had in refinancing, Rene was all of the above and then some!!!. Always a pleasure working people as pleasant, helpful and knowledaable as Rene!gritone65
My wife and I purchased our home a little over two years ago and after a horrible experience we were hesitant to go through the process again. However our experience with Rene Ruiz was amazing! He was very clear and concise about how the process would take place. Most importantly we received what was quoted during our initial conversation! This refi went smooth and couldn’t have asked for a better result. Thank youzuser20140603000717611