FHA 203k Loan

Welcome to Elite Mortgage, your trusted partner in achieving your homeownership dreams. Explore our FHA 203k loan refinance program—a unique opportunity to transform your existing property into the home of your dreams. Here's what you need to know about our FHA 203k loan refinance product:

​

What is an FHA 203k Loan? An FHA 203k loan is a specialized mortgage refinance program offered by the Federal Housing Administration (FHA) designed to help homeowners finance the purchase or refinance of a home and the cost of renovations or repairs in a single loan. This innovative loan product allows borrowers to finance both the purchase or refinance of a home and the cost of repairs or renovations, making it an ideal option for homeowners looking to invest in properties that require rehabilitation.

​

What You Should Know:

​

Property Eligibility: To qualify for an FHA 203k loan refinance, the property must meet certain eligibility requirements, including being a primary residence, single-family home, condominium, or townhouse. Properties that require extensive repairs or renovations may also be eligible for financing under the FHA 203k loan refinance program.

​

Renovation Scope and Costs: Before applying for an FHA 203k loan refinance, borrowers should carefully assess their renovation needs and budget to determine the scope and cost of the project. Our experienced mortgage professionals can help you understand the renovation process and navigate the financing options available under the FHA 203k loan refinance program.

​

Contractor Requirements: Borrowers are required to work with licensed contractors to complete the renovations financed under the FHA 203k loan refinance program. Contractors must meet certain eligibility criteria and adhere to FHA guidelines to ensure the quality and safety of the renovation work.

​

At Elite Mortgage, we're dedicated to helping you achieve your homeownership and renovation goals with our FHA 203k loan refinance program. Contact us today to learn more about our FHA 203k loan refinance program and take the first step toward transforming your home into the perfect living space for you and your family.