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 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 that you choose. 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.
Neither Monk’s Home Improvements nor Monk’s Design Studio provides financing for customers. However, we are happy to work with you to set out a payment schedule that will meet your needs. Credit cards are accepted for material costs, but not labor.