A renovation loan is a great option if you have found a home, but it needs a little TLC. A 203k Limited Renovation Loan (also referred to as a Streamline 203k), allows you to finance up to $35,000 for non-structural repairs and improvements. Perhaps you are looking for a loan that allows for kitchen or bathroom remodeling, roof replacement, or basement finishing. There are no minimum repair requirements and a great feature is the product allows you to finance up to 110% of the of “after-improved” value of the property.
The Limited 203k is also “easier” than other renovation mortgages. That means that you don’t need as much documentation as you would for other loans. There is no consultant or plan reviewer required, no detailed work write-up and you only need contractor bids and a signed contract.
Watch our renovation loan video here for more information. You can also contact your Loan Originator for more information about this product!