We are happy to be able to work with customers who are using various types of bank or government-backed financing for their home improvement projects. We will work with 203k loans, as well as other types of FHA and construction loans.
- FHA Section 203(k) Rehabilitation Loan
- 203k streamline
- FHA Title 1 loan
- Fannie Mae’s HomeStyle Renovation Mortgage
- Construction loans
FHA 203k Loans
Thanks to Joanna and Chip, among other HGTV friends, not all home buyers are scared off from a “fixer upper”. What these television shows fail to mention, however, is that most lenders will not approve loans on homes that require major work. However, with an FHA Section 203(k) Rehabilitation Loan, buyers are able to purchase a home that normally wouldn’t receive lender approval. This is because with a 203(k) loan, the lender is in charge of tracking and verifying all the repairs that are contracted.
HUD does not issue any certification or maintain any database of approved 203k contractors. You are permitted to hire any contractor you wish. However, your lender will need to approve your choice by verifying the contractor’s license, insurance, references, work experience, and understanding of the 203k process.
We have worked with homeowners and lenders on 203k loan projects, and are happy to work with you on yours. Contact us at 973-635-7900 to discuss the details.
Other Payment Options
We are pleased to now offer financing options for your home improvement projects. We work with Medallion Bank to provide financing for remodeling and other home improvement projects at a fixed interest rate with low monthly payments. Read here for more information on financing your home improvement project through Monk’s.