Renovation Loan Programs

The FHA 203K program helps qualified borrowers purchase (or refinance) a home with the ability to renovate the property with a single loan, AND only one closing.  With one loan, there is one application, one set of fees, one closing and one monthly payment.

Speak with  203K Renovation loan program specificalist today. 804-424-220

 RENOVATION OPTIONS

Can include anything that adds value to the home such as:

  • Room addition, incluidng new bathrooms
  • New carpet, plumbing and roofing (new or repaired)
  • Remodel kitchen, purchase and install new appliances
  • New roof
  • Repair/Replace/Upgrade existing HVAC system
  • Paint - interior and exterior
  • Weatherization - including storm windows and doors, insulation, weather stripping, etc.
  • Accessibility improvements for persons with disabilities
  • Elimination of health and safety hazards, termite removal and mold remediation


Standard Renovation


FHA 203k Loan Program


  • Repairs/improvements must be at least $5000
  • No minimum repair/renovation amount
  • Used to facilitate major repairs and improvements
  • Consultant required
  • Architectural exhibits required
  • Termite report required
  • Purchase or refinance
  • Up to six (6) months PITI can be included if property cannot be occupied during construction


Streamline Renovation


FHA 203k Loan Program


  • No minimum repair amount
  • Maximum repair amount of $35,000
  • Used to facilitate uncomplicated repairs and improvements
  • No Consultant required
  • No Architectural exhibits required
  • Purchase or refinance

HomeStyle Conventional Rixed-Rate


Renovation Loan Program



This program allows for the purchase and renovation of a home. A borower may refinance and remodel an existing property. Funds may cover up to 50% of the completed value of the home. With a low 5% minimum down payment, you can use the loan for a primary residence. Second home or investment property options are also available. Low or no PMI for qualified borrowers!

Call for more details. 804-424-2200 or

APPLY NOW

Benchmark Mortgage Companies

Benchmark Mortgage Compaines NMLS# 41552
(www.nmlsconsumeraccess.org).
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945) www.scc.virginia.gov/bfi

Search Our Site