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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
