Can I Refinance & Renovate My Home with a 203K Loan?

Can I Refinance and Renovate My Home with a 203K Loan? Yes you can! This type of loan is sometimes called a “rehab loan”. If you are looking to make significant improvements to your home, this may be the way to go. A homeowner can consolidate their existing mortgage loan, and the cost of the home renovation project, into one new loan up to a percentage of the “after-completed” value of the house. The “after-completed” value of the house is the anticipated value of the house that takes into consideration all of the improvements that will be made to the house through an FHA 203k refinance loan. By using the “after-completed” value of the house homeowners will be eligible for a larger renovation budget than offered...

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