FHA 203(k) renovation loan

An FHA 203(k) loan is a government-backed mortgage that combines financing for purchasing (or refinancing) a home with funds for its renovation or repairs. It simplifies the process by consolidating the costs into one loan, allowing homeowners or buyers to finance both the property and renovation expenses simultaneously. This loan is ideal for fixer-uppers, enabling improvements like repairs, updates, or cosmetic enhancements, and makes it easier to access affordable funding for property improvements with favorable terms and lower down payments.