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You have found Your 203k Dream Home.

Right Price, Right Location, Right Time, But it needs some work to make it Perfect. We are here to Help You put the pieces together and make this Happen.

Why you should consider the 203(k) Loan Program,

to make your home your Dream Home!

The 203(k) Loan Program lets you finance the purchase of your home (or refinance your current mortgage) and include the cost of its repairs all rolled into one monthly mortgage payment.

With the 203(k) Loan Program you can:

  • Remodel the bathroom and kitchen, including new built-in appliances
  • Add energy efficient windows or doors
  • Repair the swimming pool
  • Replace the floors - tile and carpet
  • Add a second story, family room, bedroom, bathroom, porch, deck, and/or patio
  • Add or repair siding and repaint the inside and outside
  • Correct structural problems, including chimney repair or termite damage
  • Replace the roof, gutters, and downspouts
  • Upgrade plumbing, heating, air conditioning, and electrical wiring
  • Install a well or septic system
  • Eliminate health and safety hazards (such as lead-based paint)
  • and make your home accessible to the disabled
  • Complete a basement, convert an attic, and expand or build a garage or carport

These are just some of the things you can do using the 203(k) Loan Program.  You can select some of them or all of them.  It's your Dream House; the choice is yours!

How to make the 203(k) Loan Program work for you!

First, find the property that you wish to purchase, and conduct a preliminary feasibility analysis with your real estate professional.  If you are already living in the home you want to repair, get a HUD-approved lender to help you with the next steps and details of the Program.

Your lender will assign a 203(k) consultant to inspect the home, identify needed repairs or improvements and provide a work write-up and cost estimate for the project.

We can help you maximize the many Program benefits and advantages that are available to you.  Some are described here, or you can contact us for answers to other question you may have.  Our goal is to help you achieve your piece of the American Dream and build, remodel, or renovate your Dream Home!

How the 203(k) Loan Program works.

  •  The property must be used as a principal residence by an individual or family
  • You take out the loan as a 15- or 30 year fixed rate mortgage, or as an Adjustable Rate Mortgage (ARM) from a HUD-approved lender.
  • The total amount of your mortgage is based on the projected value of your home After the renovation project is completed, including the cost of the work.
  • A portion of your loan is used for the purchase of the home (or to pay off the existing mortgage in case of a refinance)
  • The remainder goes into an interest-bearing account on your behalf and is released in stages as rehabilitation is completed
  • FHA requires that a minimum of $5,000 is used for eligible repairs or improvements and that the repairs are completed within six months after the loan's closing
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Is my home eligible for the 203(k) Loan Program?

Co-ops and investment properties are not eligible for the Program, but these types of homes are:

  • One-to four-unit residences that have been completed for at least one year (detached homes and townhouses.
  • Condominiums in one-to-four (unit buildings (interior only, with some additional restrictions
  • Mixed-use residential properties that include commercial space
  • Conversion of one-unit residence into two-, three-, or four-family dwelling
  • Conversion of existing multi-unit dwelling down to one to four-family unit
  • Existing house or modular unit on one site that can be moved onto the mortgaged property (some restrictions apply)
  • Homes that have, or will be, demolished as part of rehabilitation work if some existing foundation remains in place