Loan options
203K Loans (Home Renovation)
Not every loan fits every situation. Here’s how I match you to the one that fits yours.
What is it?
An FHA 203(k) loan lets you finance a home purchase and the cost of repairs or improvements in one mortgage. That means one loan, one closing and one payment.
Quick facts
Who it fits
- Buyers who find a home that needs work
- Homeowners who want to refinance and renovate together
- Buyers who want to improve a home in an established neighborhood
Good to know
The renovation work is planned in advance, and the funds are released as the work is completed. Approved contractors and project paperwork are part of the process, and the project has to be well defined. I’ll walk you through each step so the plan is clear before you commit.
The process
- Step 1
We line up contractor bids early (the lender needs these before closing)
- Step 2
I walk you through the after-renovation appraisal
- Step 3
We plan for the contingency reserve
Common questions
What kinds of projects qualify?
Many repairs and improvements do. Some luxury items may not. I’ll help you check.
Do I need a contractor?
Usually, yes, and the contractor generally needs to meet program requirements.
Is this the same as a regular FHA loan?
It uses FHA guidelines, with extra steps for the renovation.
Many Tampa Bay homes have great bones and dated interiors. A 203(k) can turn them into the home you want. See where I work.
Ready to find your match?
Find Your MatchThis is general information, not a commitment to lend or a rate quote. Programs, limits, and eligibility vary by borrower and property and can change. Equal Housing Opportunity. Jermin Munoz, Mortgage Loan Originator, NMLS# 2689451.