The Federal Housing Administration (FHA) offers FHA-insured loans that are designed to help increase home ownership by low- and moderate-income families and first-time homebuyers. Because the FHA insures the loan, lenders can offer greater flexibility in lending guidelines.
Available for single- and multi-family homes, FHA loan financing options include traditional fixed-rate products, adjustable rate mortgages and temporary interest rate buy-downs.
FHA Renovation Loans
Renovation financing to turn your house into your dream home
FHA’s 203K loan program is designed to finance the purchase and renovation of your home, all in one loan.
Is a 203K Loan Right for You?
Buy a “Fixer-upper” or REO property needing renovation
Get funds to both purchase and upgrade your dream home
Refinance and renovate your existing home
Advantages of 203K
Loan amount based on the home value including renovations
Only one loan needed to both purchase and improve
Refinance and rehab your own home
Can be used to buy property otherwise not eligible for financing
FHA One-Time Close Construction Loans
Overview: Features of the FHA One-Time Close
Combines the Following Features:
A construction loan, which is a short-term interim loan for financing the cost of construction, and
The traditional long-term permanent mortgage
Involves only one closing
Is considered a purchase transaction, for mortgage insurance and LTV purposes, and
Is made directly to the borrower
New Construction, Build on Your Lot Financing for Today’s Market;
Standard FHA guidelines apply
3.5% down payment or Land in Lieu of down payment
6% seller concessions
No interest payments due during construction by either the builder or the buyer
Works for lot purchase or existing land
No additional appraisal after closing
No additional credit pull/qualifying after closing
Borrowers can build anywhere