Find a House & Make it Your Home

with a Renovation Loan from Hometown Huntsville

203K REHAB LOANS

These programs are specifically designed for people who want to repair, improve, or upgrade an owner-occupied home they own or would like to buy.

ABOUT THE FHA 203(K)
The FHA 203(K) allows homeowners to finance renovation costs within a single mortgage – rather than having to obtain a separate loan to finance the improvements. We currently offer this owner-occupied financing on one-unit properties, two-unit properties.

STANDARD 203(K)

The Standard 203(k) may be used to purchase or refinance a home that needs remodeling and/or structure repairs. There is a minimum rehabilitation cost of $5,000 and the use of a 203(k) consultant is required.

PROGRAM HIGHLIGHTS

✅ Structural changes are allowed
✅ Landscaping and hardscaping allowed
✅ Max completion time: 180 days (6 months)
✅ $5k minimum and no max repair amount

LIMITED 203(K)

The Limited 203(k) maybe be used to purchase or refinance a home that needs minor remodeling and non-structural repairs not exceeding $35,000. The use of a 203(k) consultant is not required and there is no minimum rehabilitation cost.

PROGRAM HIGHLIGHTS

✅ Minor remodeling
✅ HUD consultant is not required
✅ Max completion time: 90 days (3 months)
✅ No min and up to $35k in total renovations

HOMESTYLE RENOVATION LOANS

This program is for borrowers who need financing to purchase a less-than-perfect fixer-upper or refinance their existing mortgage and renovate their current home with a single-close first mortgage.

ABOUT THE FNMA HOMESTYLE
The loan amount is based on the “as-completed“ value of the home. This allows the opportunity to do more renovations based on a future value. We currently offer this owner-occupied financing on one-two unit single-family primary homes.

SPECIAL FEATURES

The Standard 203(k) may be used to purchase or refinance a home that needs remodeling and/or structure repairs. There is a minimum rehabilitation cost of $5,000 and the use of a 203(k) consultant is required.

✅ Attached additions
✅ Detached Accessory units
     (permitted per local zoning regulations)
✅ New Swimming Pools
✅ Attached & Detached Garages

PROGRAM HIGHLIGHTS

The Limited 203(k) maybe be used to purchase or refinance a home that needs minor remodeling and non-structural repairs not exceeding $35,000. The use of a 203(k) consultant is not required and there is no minimum rehabilitation cost.

✅ Complete Home Remodel
✅ Repairs affecting habitability
✅ Structural changes are allowed
✅ Max completion time: 180 days (6 months)
✅ No minimum on repairs