Repair and Rebuild Loans

FHA 203(k) Fixer-Upper Loan

FHA 203(k) Loans for the Improved Value after repairs

An FHA 203k loan is an FHA insured mortgage which allows home buyers or homeowners to borrow the funds needed to refinance or purchase a home including the renovation costs to fix, repair, update, or modernize the home.
FHA eligible repairs and updates can be made using FHA approved contractors for primary residences all in one single loan.
There are two versions of the FHA 203k loan. The Standard 203k allows for repairs which can include major structural changes and repairs. There is also the more popular Streamline 203k version which is perfect for light remodeling or just the replacement of appliances.

Questions for an FHA 203(k) Mortgage Loan:

  1. How long do I have to live in the house?
  2. Can I do some or all the repairs myself?
  3. Do I need a down payment and how much?
  4. What do I need to qualify?
  5. Does a 203(k) cost more?
  6. How much can I borrow?
  7. Is a 203(k) Streamline different?
  8. Can I buy furniture with the loan?

If you’re thinking of using a 203(k) fixer-upper loan, call us. We’ll answer all your questions and get you pre-approved so you can put on your tool belt!
(916) 566-1100
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FHA 203(h) Loans for Disasters

FHA 203(h) Disaster Loans

Section 203(h) of the National Housing Act authorizes FHA to insure mortgages to victims of a Presidentially-Declared Major Disaster Area (PDMDA) for the purchase or reconstruction of a single-family property.

The previous residence (owned or rented) must have been located in a PDMDA and destroyed or damaged to such an extent that reconstruction or replacement is necessary.

The FHA 203(h) mortgage program was created to help homeowner victims of disasters get back on their feet. If you or someone you know, previously owned or rented a home in a disaster area, you may be eligible for this relief.

Your credit score can be lower than usual for this program and any employment, income, or credit issues due to or caused by the disaster, will be looked at on a case-by-case basis by the lender. These loans are for principal residences only - not time shares, vacation homes or other non-primary residences. There is an occupancy requirement for the FHA 203(h).

But there is no down payment required and they offer 100 % financing!

Certain allowances are made in the loan application process to deal with the after effects of the disaster, but the borrower will still be required to furnish some material in writing such as relevant tax documents. Lenders may have additional requirements that will need to be discussed in order to proceed with the loan application.

Borrowers have up to one year from the date the disaster area was declared, but anyone who needs this type of loan should discuss their needs with a participating FHA loan officer as soon as possible to avoid delays or complications in the application process.

And, of course, we are a Participating FHA Loan Broker…

Call us. It's FREE to ask!


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VA Rehab Loans

VA Loans in Sacramento for Repairs and Reconstruction

VA rehab and renovation loans offer veterans and service members a way to purchase fixer-uppers or homes in need of some extra TLC. With a VA Renovation loan, borrowers can finance both the purchase price and necessary repairs. Or refinance and repair an existing home.

While there are several hurdles a Veteran may have to get through, the loans are exactly the same as traditional VA Mortgages:

  • No Money Down
  • No Monthly PMI Payments
  • Reduced Fees and Costs

The property must be owner-occupied and your primary residence.

If a VA rehab loan isn't the right fit for what you have in mind, there are other ways to finance the purchase of a fixer-upper or to refinance and repair a home you already own.

VA Energy Efficient Mortgage - If you want to make specific green updates to your property, an EEM Loan may be a better fit. These mortgages can help you finance solar water heaters, weatherize the home, install programmable thermostats, add storm windows, and other qualified improvements.

Cash-Out Refinance - A cash-out refinance can allow you to tap your home equity and use that extra cash toward home improvements and repairs. The VA offers cash-out refinances for qualified homeowners.

Specially Adapted Housing Grants - If you need to make home improvements to accommodate a disability, then the VA's Specially Adapted Housing Grant can help you do it. These loans can also be used to improve a caretaker's home if necessary.

As always, we are grateful for your help in preserving our freedoms, Thank You!