Have you found the perfect Colorado home but it needs a bit of work? Or maybe a lot of help? Renovation loans may be the answer. With rising home prices and limits on new home inventory, many homeowners in Colorado have opted for a renovation loan.

With the FHA 203k Standard, FHA 203k Limited and Homestyle Renovation programs, you can finance both the home and the repairs needed to fix it up with a single closing.

Colorado FHA 203k Standard Program

The FHA 203k Standard loan program features include:

  1. Ideal for situations where major structural improvements (additions, structural changes, relocating homes in Colorado, etc.)
  2. Possibility to borrow 100% of the after renovation value
  3. Available for purchase and refinancing Colorado properties
  4. Benefits for the buyer, seller, and community as funding makes it possible to improve properties

Colorado FHA 203k Limited Program

  1. Ideal for situations where minor improvements (small kitchen remodels, appliances, window/door replacements, etc.)
  2. Intended for homes with less than $35,000 in improvements needed
  3. Available for purchase and refinancing Colorado properties
  4. Benefits for the buyer, seller, and community as funding makes it possible to improve properties

HomeStyle Renovation Loans (Fannie Mae)

  1. Ideal for situations where any improvements are needed to the Colorado home
  2. Single mortgage, single closing
  3. Mortgage is based on the as completed value of the home
  4. Minimum of 5% down payment

Colorado Renovation Program Restrictions

At this time, FHA 203k Standard, FHA 203k Limited and Homestyle Renovation loans with Home Point Financial are only available in Arizona, California, Colorado, Florida, Idaho, Massachusetts, Pennsylvania, Nevada and Washington State. There are other restrictions on these programs; please contact Home Point Financial to learn more.

Apply for a Renovation Loan in Colorado

Ready to learn more about the Renovation Loan programs at Home Point Financial? Home Point Financial is ready to answer all your questions. Contact us today for your Colorado Renovation loan.