Could a 203k be right for your project?
Renovation loans aren't just for houses that need to be gutted. They could work for a wide range of projects, including updates and remodels to bathrooms and kitchens, room additions, or even flooring.
Renovation loans not only cover the cost of the property, but the cost of home repairs as well. With limited housing stock available, a 203k could be the way to get borrowers into the house they need, that looks the way they want.
Check out this video for an explanation of Residential Home Funding Corp.'s renovation programs, and how they could work for you and your borrower.