The Must-Have FHA 203k Renovation Loan Handbook for Home Buyers and Home Owners. Learn more ...
The following provides an overview of the basic steps in the process of completing an FHA 203k Renovation Loan purchase transaction. If you are a home owner desiring to make improvements to your current home, the process is similar, without of course, the requirement for Step 2 shown here.
To make the most of your renovation loan experience, it's important to have a true expert guiding you through the process each step of the way. At REbuildUSA, we encourage you to see your 203k Specialist mortgage professional as your "Quarterback" -- leading you down the field to success with your renovation loan.
Submit your request to "Find Your 203k Specialist" and we'll connect you with a specially trained 203k mortgage professional to discuss your needs, answer your questions and help you determine how much home you can afford.
We can also connect you to a REbuildUSA 203k Specialist real estate professional to help you locate your new home and negotiate an accepted offer.
Your Home Inspector or HUD 203k Consultant conducts a property inspection, identifies FHA required repairs and your desired improvements -- then prepares a work-write up for your contractor bids.
Your contractor visits the property, reviews the work-write up and finalizes renovation pricing and specifications for your lenders review and approval.
The final scope of work, selections and pricing are packaged along with required contract documents and submitted to your lender who schedules an appraisal to determine the value of your home after completion of the planned renovations.
On final approval, your loan is closed, improvement funds are placed in escrow, renovation begins -- and you're on your way to the home of your dreams!