Whether you’ve found a fixer-upper in a great neighborhood or you want to make upgrades to your existing home, one of Embrace’s Ready for Renovation options could be the answer. We offer two types of 203(k) loans, the FHA Full 203(k) and the FHA Limited 203(k), along with Fannie Mae’s HomeStyle renovation loan.
Inventory is lower today than it was five years ago, making it harder to find a house you love in the neighborhood you desire. That’s why many homebuyers are jumping on fixer-uppers. A 203(k) mortgage can help you buy a home in most any condition, make immediate improvements, and pay for them over time. Depending on the financing option you choose, improvements can range from minor updates to more extensive remodeling and renovations, including bringing severely damaged or neglected properties up to habitable, insurable standards. With a 203(k) loan, you’ll have just one application, one loan approval, one closing, and one monthly mortgage payment.
203(k) renovation loans aren’t just for new homebuyers — they’re also for homeowners looking to upgrade their current living space. Instead of managing two different loans, you can finance the expense of home repairs or a remodel at the current low interest rates and refinance your mortgage in the process. And the loans can go as high as 110% of the after-improved value. Embrace offers built-in reno financing for homebuyers and homeowners who want to turn a promising before into their happily ever after.
The FHA Full 203(k) lets you borrow up to 110% of the after-improved value to pay for an assortment of projects designed to remodel and repair single-family properties.
An FHA Limited 203(k) lets you borrow up to $50,000 in additional financing to help pay for projects designed to remodel and repair single-family properties.
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What are 203(k) loan requirements?
What is a home appraisal?
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When is the right time to refinance?