Have you found the perfect 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 Washington have opted for a renovation loan.

Home Point Financial's Renovation Lending programs for Washington homeowners may be the perfect fit. With the FHA 203(k) Standard, FHA 203(k) Limited and HomeStyle renovation programs, you can finance both the home and the repairs needed to fix or improve the home with a single closing.

FHA 203(k) Standard Program

FHA 203(k) Standard loan program features include:

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

FHA 203(k) 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 or refinancing 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 
  2. Single mortgage, single closing
  3. Mortgage is based on the as completed value of the home
  4. Minimum of 5% down payment

Washington Renovation Program Restrictions

At this time, FHA 203(k) Standard, FHA 203(k) Limited and HomeStyle Renovation loans from 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.

Renovation Lending in Washington

Ready to learn more about Home Point Financial Renovation Lending? Our home loan specialists are ready to answer all your questions. Contact today for more information.