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Home Purchase & Repair Financing All in One Loan Program

See a house with potential? Create your dream home with an FHA 203k loan

203 K MortgageYou walk up to the front door. This is it. You scoured every listing website you could find for photos of the house. There weren’t that many photos, but the description sounded perfect, so you couldn’t be more excited to see it in person! You turn the knob, push open the front door, and begin to walk from room to room. There’s the first-floor powder room! You’ve always wanted this feature in your future home. Except, the sink doesn't work. You walk over to the kitchen and immediately head to the island in the center of the room. You begin to imagine all the fancy dinners you’d cook, but the daydream gets put on hold when you notice that the counter top is cracked, scratched and stained. You look to the left and notice the cabinets completely clash with the flooring. You decide to head upstairs. Is that blue shag carpeting? How could the listing leave this detail out? You find one bedroom that is all hardwood. Of course, this was the one they chose to feature in the online listing. You begin to wonder if this is really the home for you.

This scenario is all too real for consumers, and many times, it’s the cause for many to move on and not make an offer on what could be their perfect home. The thought of closing on a home and then applying for a separate renovation loan may be enough to make someone give up before even trying. According to the 2016 Houzz & Home Survey, in 2015, first-time homebuyers spent $33,800 on home renovations and homeowners on a whole spent an average of $60,400. Can you imagine taking out an additional loan or using a credit card for that amount?

What if you didn’t have to use a secondary form of financing? What if you could qualify for a purchase and renovation financing all at once and have only one monthly payment? Or what if you didn’t want to move at all? Imagine if you could refinance your current home loan and bundle renovation financing all into one! Meet the FHA 203k Standard Loan.

What are the benefits?

What are the disadvantages?

What do I need to know?

Eligible major structural repairs include:

Eligible non-structural repairs include:

Who is eligible?

Who is ineligible?

What are the property requirements?

Which property types are ineligible?

Get ready to kiss that blue shag carpet goodbye. Think this loan sounds like it could be right for you? Get a free rate quote today, or give us a call at 877.245.8383.

CrossCountry Mortgage, Inc. is an FHA Approved Lending Institution, and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. All loans subject to underwriting approval. Certain restrictions apply. Certificate of Eligibility required for VA loans. CrossCountry Mortgage, Inc. is an FHA Approved Lending Institution, and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. All loans subject to underwriting approval. Certain restrictions apply. Certificate of Eligibility required for VA loans. USDA Loans: Borrower income limited to 115% of median income for the area. Borrowers must have reasonable credit histories. 30-year loan term. Housing costs cannot exceed 29% of income; total debt payments cannot exceed 41% of income. Homes must meet state and HCFP building codes. Funding fee required. Available only in designated USDA rural areas.