FHA 203k FAQ - Who can do a Renovation Loan?

Short Answer - Almost anyone!        Long Answer - see below. 

There are no broad restrictions on who is allowed to do a renovation loan project? If it is your first home, second home, or one you currently live in, you can do it. As long as you can meet the minimum requirements, by the lender, to qualify for the loan, you can do a reno loan like the FHA 203k, Conventional Homestyle, VA Reno, or USDA Reno. 

Qualifications

• Minimum Credit Score
• Minimum Debt-to-Income Ratio
• Job that can pay the bill!

All lenders will have similar but SLIGHTLY different requirements for these qualifications. You will need to speak with a lender directly to determine current rates and numbers. If you need help finding a good lender who knows how to tackle the renovation loan, give us a call.