Renovation Loans

If you're a homebuyer who has found your dream home, but it needs to be remodeled or repaired, an FHA 203(k) home loan from New American Funding might be able to help you. An FHA 203(k) loan is designed to service borrowers with less than-perfect-credit to use to renovate or repair a property that they want to purchase. It can be used for minor projects and major ones, including the complete demolition and rebuilding of a property.

Two options based on the repair costs

Limited – up to $35,000* in

needed repairs

Standard – must be greater

than $5,000 in needed repairs

FHA 203 (K) Uses

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Minor and major projects, including
- Plumbing, heating, electrical & A/C
- Repair existing foundation, roof, gutters, septic or well
Weatherization
Energy-efficient improvements
Create disability accessibility
Outdoor hardscape, including pool repairs
Eliminate safety hazards
And more!

FHA 203 (K) Requirements

FHA 203(k) has the essentially the same eligibility requirements as an FHA loan with some unique 203(k) requirements.

Minimum credit score of 580
Minimum down payment of 3.5%
Consistent employment & income proof
Mortgage insurance
Appraisals
Must be primary residence
Repairs must be completed within 6
months

FHA 203 (K) Benefits

Purchase a fixer-upper and remodel into the home of your dreams
Purchase an older home that needs significant remodeling
Retrofit your home for the needs of aging family members or those with disabilities
Purchase in a desired neighborhood that may otherwise be out of reach
Repairs determined before closing; simplifying the process.

Dive into Your Dream Pool!

Create your own dream pool with a Fannie Mae HomeStyle® loan from New American Funding. Flexible financing options are available to roll your mortgage and remodeling costs into one convenient loan.

Key Features and Benefits

Purchase or refinance available
No restrictions on the types of improvements
Use for pools, landscaping or cosmetic details
Finance soft costs (architectural services, engineering, permit fees, etc.)
Primary, vacation, and rental properties accepted
As low as 3% down payment
Renovations begin after loan funds

Let's get started

Getting pre-approved can be quick and easy. Start the process today!

Our Process

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