FHA 203(k) Renovation and Home Loans
Two Loans in One with Homestar Mortgage’s FHA 203(k) Renovation and Home Loan
With Homestar Mortgage, you can take advantage of quick decisions and turnaround times. Our in-house 203(k) underwriter is an expert in this program.
How a 203(k) Can Help
- Remodel a kitchen or bath
- Add a family room or extra bedroom
- Make needed plumbing or electrical repairs
- Replace a leaky roof
- Make energy conservation improvements
- Improve handicap access
203(k) Benefits
- Finance 96.5% of the acquisition cost PLUS improvements
- 55% debt to income ratio
- Close within 45 days
- Streamline K’s with 35K improvements
- Full 203(k) available
Eligible Properties
- Owner occupied
- Minimum of $5,000 in permanent, non-cosmetic repairs must be done to qualify.
- Property or foundation must have been in existence for at least one year.