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Franklin Loan Center

Loan program

FHA 203(k) Renovation Loans

Buy a home and finance the repairs in one loan.

What type of home loan are you interested in?

All information is secure and will not be sold.

One loan covers the purchase price and renovation costs

FHA's low down payment applies to the total

Also available as a refinance for a home you already own

A 203(k) loan is an FHA program that rolls the cost of repairs and improvements into your mortgage. Instead of paying cash for a new kitchen, roof or flooring, you finance it with the home.

How it works

  1. You choose a home and get contractor bids for the work.
  2. The appraisal is based on the home's value after the improvements.
  3. Renovation funds are held and paid out to contractors as the work is completed.

There is a limited version for smaller projects and a standard version for larger renovations. Bill will help you decide which fits.

Best for: Buyers who found the right location, but the home needs work.