The Purchase & RenovateSM program provides the following:
If I buy a home, I won’t have money to do repairs.
- One loan to purchase a home and make renovations or repairs.
- Conventional or FHA 203(k) loan options.
- Available with a fixed- or adjustable-rate.
- Includes single-family, one-to-four units, planned unit developments, and condominiums.
- Finance renovation costs. Loan amount is based on the home value after improvements are made.
- Lower monthly payments. Costs are spread throughout the term of the loan, so your monthly payments may be lower than other financing options.
- More choices. Look at properties you wouldn't otherwise consider.
- Speed. Start improvements right after closing. (Restrictions apply).
- Tax deductibility. Interest may be tax deductible. (Consult your tax advisor about the deductibility of interest).
- Although FHA loans have the benefit of a low down payment, in many instances, FHA may be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.
- Financing may not be available for luxury items, such as a pool, hot tub or spa with all programs.
- Requires hiring a contractor.