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Renovating & Repairing Your Home

FHA 203k Home Improvement Loans

One of the most popular and diverse home improvement loans is the FHA 203k. You can make home improvements to the house you want, or the home you already own. Use the funds for simple upgrades to your home like a kitchen or bath improvement, or to completely reconstruct a home that is presently unlivable. You can even use a 203k Rehabilitation Loan to tear down an existing structure and build a new one using some portion of the existing foundation. You can borrow up to 96.5% of the appraised value – based on the value when the improvements or repairs are completed.

With the FHA 203k you can:

  • Replace a roof
  • Re-side the home
  • Re-paint inside and outside of the house
  • Replace appliances
  • Put in new flooring
  • Build or replace a deck/patio/porch
  • Replace windows
  • Remodel the kitchen
  • Repair or replace the septic system
  • To learn what else you can do call us Toll Free at (866) 663-0826


Renovation financing to turn your house into your dream home

With the FHA 203(k) Renovation Loan, you can purchase or refinance your primary home and renovate it — all with one convenient loan. This loan lets a buyer finance the cost of improvements into the purchase or refinance of the home. Prospect Mortgage has a nationwide team of 203(k) specialists who are helping people to take advantage of the opportunities this program supports, including:

  • Purchasing a fixer-upper home in need of upgrades, repairs or larger renovation projects from a traditional home seller, even if the homes is being sold “as is.”
  • Buying a foreclosed property from banks, housing agencies and government-sponsored enterprises, as well as properties eligible for short-sale transactions.

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