Yes. There are a variety of different loans available when looking for a mortgage that helps pay for home renovations. From loans dedicated to helping the homebuyer put in a pool, to loans that assist in repairing weather damage, there are several options available to Southern California homebuyers who are interested in renovating or repairing a new home. One of the most common home renovation loans is an FHA 203(k).
An FHA 203(k) is a loan program provided for by the Federal Housing Administration.
This type of loan allows homebuyers to purchase a home with the cost of specific repairs included in the mortgage amount. These loans are primarily directed toward first time home buyers, but there are several qualifications that determine if you are eligible for one of these home renovation loans.
The borrower must be able to prove that money was spent on renovating the house. An eligible credit score must also be proven, but fortunately enough for homebuyers looking to take out this type of loan, the minimum credit score is easier to obtain than other loans. If you have around a 640 credit score, you could qualify to receive an FHA 203(k).
Before applying to receive a home renovation loan, decide as best you can how much money you will need to begin your home renovation. If you hire a contractor, ask them to give you an estimate on the total cost of the home repairs. Once you have that specific number, discuss the possibility of a Southern California home renovation loan with a mortgage broker. Different loans offer different amounts to borrowers, so talking to a mortgage broker can help determine the specific loan and amount that fits your project’s goals.
For any further questions about the types of home renovation loans we offer or if you qualify for an FHA 203(k) loan, The Forester Team.
Thank you so much for all that you have done for us throughout this process. I honestly do not know if we would have our dream home if it weren’t for your amazing work ethic and ability to get the ball rolling so quickly. Two offers were put on our home while awaiting the loan approval! No one else could have made that happen as quickly and efficiently as you did! We are eternally grateful to you and your amazing team at Team Forester Home Point Financial. Thank you. Thank you. Thank you.Amy Stock
I would like to appreciate you and your team’s work for getting this refinancing processed and finished in time with such an efficiency. You made it go through with such an ease. I would most definitely recommend you and your team in the future.Thank you again for your support and help!Helena Chun
Thank you for assisting me and my family with the purchase of our home. The entire process was beyond expectations. All of you have made my first time home buying experience enjoyable and memorable.I’m very pleased and will definitely recommend and work with all of you again.Semper Fidelis
Thank you all for your assistance and guidance through our first purchase. It went very well (much smoother than anticipated) and we thank you for all the hard work you all have put in to getting us into this home. We look forward to working with you again in the future.Eric & Nicole Roachell
Casey Forrester is the best in all regards, I can’t say enough good things about him. We just closed a VA loan in 21 days yesterday. He is able to fully underwrite the file before he even gives a pre-approval letter which allows you to offer without a loan contingency! Also, you can close in 21 days which cuts the escrow period by 30% and increase profitability and cash flow for you as the agent. He also has an online pre-approval link in his signature that makes getting pre‐approved super easy!Drew Schulte
Thank you, Casey, for a job well done. I was so glad that I called you to refinance our home. The moment that I talked to you on the phone that first day about the refi, it felt like a huge weight was lifted off my shoulders.You put my mind at ease, I was calm and confident that I had made the right choice.Derek Paddock
I have truly appreciated working with you and your team and will continue to recommend you to our friends!Brian & Nina Kasper
You and your team didn’t have the easiest case, but you handled it so well. Your communication was great, and everyone we dealt with was very friendly. I wish we had worked with you on the first go-around, but either way, we are looking forward to working together again in the future.Andrew & ArielKinsler