203k Mortgage Loan | Renovating Mortgage Loan | Total Mortgage

FHA 203(k) Loan

Are you considering renovating?
Learn more about the ways an FHA 203k loan can make your projects easier.

Fixed Rate Mortgage

What's an FHA 203(k) mortgage?

IFHA 203(k) loans make it easy for borrowers to purchase and remodel homes, including foreclosed and distressed properties. Current homeowners can also use the program to make improvements to their properties.

Why choose a 203(k) loan?

With the FHA 203(k) home loan program, you still have the choice of either a fixed rate mortagage or adjustable rate mortgage. Plus you can close the loan prior to starting your renovations.

Compare this to the traditional approach, where you first get a mortgage for the value of the unimproved property, secure a second loan to cover renovations, make the improvements, and then get a final, permanent mortgage to pay off the initial loan and the construction loan. Not quite as smooth.

How do I qualify?

Qualifying under standard FHA underwriting guidelines is a good start, whether you’re opting for a standard 203k, which is for extensive and structural repairs, or a streamline 203k, which is for more general repairs under $35,000. Your future (or current) home, however, must be one of the following:

Also remember that while most typical repairs (such as roofing, heating, plumbing, etc.) are eligible, there are some exceptions, like landscaping. Make sure that your repairs plans qualify you.

Why pick Total Mortgage?

After 17 years of success, it’s safe to say that we know what we’re doing. Plus:

An FHA 203k Loan makes it easy for borrowers to remodel their home. It offers:

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Why choose Total Mortgage?

Renovations are complicated, but your loan doesn’t have to be. Get started by filling out our form or calling 203-707-5693