Renovation Financing Can Turn a House Into A Dream Home

FHA's 203(k) loan program is designed to finance the purchase and renovation of your home OR to refinance and renovate an older or worn house ALL in one loan.

Is a 203(k) Loan Right for You?

1. Buy a "Fixer-upper" or REO property needing renovation
2. Get funds to both purchase and upgrade your dream home
3. Refinance and renovate your existing home

Advantages of the 203(k)

• 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

Who Qualifies?

• A minimum down payment of 3.5% *
• A credit score of 640 or higher
• You currently have no other FHA loans
• You DO NOT have to be a first-time buyer

Ask your Loan Officer about additional requirements.

FHA Loan limits vary County-by-County. In the Kansas City Metroplex AND surrounding areas they can currently range from $275,665 to $308,200 for a single family property AND from $530,150 to $592,700 for a 4-Plex property. Duplexes and Triplexes fall in between these loan limits. To check current loan limits by county, go to https://entp.hud.gov or check with a loan officer for the loan limit in your county for the type of property you’re buying.