The FHA 203(k) is an often overlooked option when it comes to mortgage financing.  This is a mortgage loan that allows you to purchase a home and finance in the renovation costs at the same time.   It allows you to consider homes that other buyers might be overlooking because you aren’t looking for the “perfect” house.  You’re looking for the “almost perfect” house.  In a market when houses are selling within days at full price, this is the perfect option for people with a little imagination.  Instead of avoiding those listings that say “fixer-upper,” or “needs a little love,” you can feel confident knowing that you have a secret weapon – an FHA home improvement loan may be just what you need.

Knowing that you have this option available can open up other avenues, too.  Foreclosed properties, offered by banks, HUD or VA, sometimes have damage or deferred maintenance.  They’re often overlooked by real estate agents who want to offer their buyers the path of least resistance.  That means there’s less competition for these homes and more for you to consider.

Are you looking for a home in an established neighborhood, but can’t find anything that’s been updated in your price range? Or, do you want to be in a specific school district, where houses don’t become available often?  Location, location, location!  Sometimes, you have to settle for whatever comes on the market.  With the 203(k) loan, you don’t have to settle.  You can personalize and update a home that will be overlooked by most buyers, who don’t know about this secret weapon!

The FHA 203(k) loan is one of the most overlooked weapons you can put in your home-buying arsenal!  If you would like more information about how to take advantage of this program, call me to discuss.  As the second-largest renovation lender in the country, HomeBridge Financial has streamlined the process to give you the smoothest transaction possible.  We offer a dedicated Renovation Concierge to work with you and your contractor.  And as an experienced lender with more than 14 years of experience originating renovation loans, I would love to talk to you about how to make this work for you.  Call me at 210-269-1774 or email me at  I’m here to help!

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