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    • Home
    • Consultation
      • Renovation Consultation
      • Type of Renovation loans
    • En Español
      • Inicio
      • Nosotros
      • Consultoria de Renovación
    • Contact us
      • Contact us
      • About Us
  • Home
  • Consultation
    • Renovation Consultation
    • Type of Renovation loans
  • En Español
    • Inicio
    • Nosotros
    • Consultoria de Renovación
  • Contact us
    • Contact us
    • About Us

Information for the most popular renovation loans we service

203K HUD Renovation Loan

An FHA/HUD 203k renovation loan provides borrowers with a  financing solution that combines the purchase of a home with the cost of improvements and repairs. Several types of loans are available, and a consultant is required for most of them.


General FHA 203k Highlights

  • Standard FHA guidelines apply.
  • Available with both  fixed-rate and adjustable-rate loan programs
  • Loan terms vary from 15 to 30 years
  • 3-10% down payment based on the value of the home after improvements
  • A minimum credit score of 655 required
  • Owner-occupied, primary residence only on standard 203K (see Homestyle section for other options)
  • Seller contributions allowed
  • Repairs must start within 30 days and be completed within six months. 


There are two (2) 203K loan types, a streamlined 203k loan (or limited) and a Full 203k.

There is no consultant required on a streamlined 203k loan (but you can still opt to use one). The renovation limit is $35,000, and you cannot perform any renovation that involves architectural design changes, structural work, etc.


The Full 203K is intended for more involved projects that involve structural changes to the home that would prevent owners from occupying the home. This option is also used if engineering or architectural drawings and inspections are required.


Repair Amounts for a 203K can start as little as $5,000 and range up to the national limit set for your specific location. 


Our professionals can help you obtain everything you need to secure the financing required for your project.

For More information, visit the HUD website Here.

We are 203K consultants and can help with 203K renovation loans

We can help you with your renovation

Homestyle loans and Choice Renovation loans

FannieMae Homestyle and FreddieMac Choice renovation loans are flexible programs for a conventional renovation that enables borrowers to buy a home in almost any condition. It can be used for the primary occupant, second home, and even investors. 


These loans can be used on any home, not just FNMA properties.


A HomeStyle or Choice Renovation loan allows buyers to make home improvements based on the “after-repair” value of a property, eliminating the need for a 2nd mortgage, home equity line of credit, or another expensive financing. Homestyle can also alleviate the need for curing property conditions that may prevent funding in the first place. 


Financing properties in “as-is condition” and repair after closing can be more accessible with this type of loan. 


Borrowed funds can be applied to any renovations or repairs that are permanent fixtures and increase the property's value. 


Homebuyers, investors, second homes, and vacation occupants are all eligible to apply.


A homestyle or Choice renovation loan is perfect for renovating properties with poor conditions that make them ineligible for conventional financing. Such needs might include safety or health hazards and practically any livability issues the homeowner would like to upgrade. 


Improvements could encompass floor coverings and other finishes, along with new appliances for the dwelling.


There are no limits on the dollar amount for repairs with this loan, and there are no exclusions for luxury options such as tennis courts, outdoor kitchens, or swimming pools. 


The renovations can be structural or increase the footprint of the home’s dimensions. This loan type can be applied to any home, not just foreclosed properties. 


Some key benefits are:

  • Combining the renovation and purchase costs in 1 simple closing
  • Borrowing unlimited funds (with appraisal ability)
  • Buyers can move to the home, fix structural issues, or add the house.
  • As little as 5% down for Primary occupants
  • As Little as 10% down for Second homes
  • As Little as 15% down for Investor Property
  • In certain transactions with 20% down, borrowers forego mortgage insurance.

For More Information:


FannieMae Homestyle information can be obtained Here.

FreddieMac Choice renovation information can be obtained Here.

We work with Homestyle loan lenders and we consult on renovation projects under the program

We work with Homestyle loan lenders and we consult on renovation projects under the program

VA Renovation Loans

A new product is offered through the VA benefits program. The VA renovation loan allows individuals qualified under the VA  program to purchase or refinance a property and renovate it.

Like the 203K program (see above), The VA program has limitations and requirements.

Repairs start as little as $5000 and can go almost unlimited. 


When the renovation amount exceeds $50,000 or involves more complex work (structural and specific improvements to mechanical systems), a consultant is required.

We are certified to assist you with your VA renovation loan.

For VA loan information, speak to your mortgage professional

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Bunker Group LLC

Sparta, New Jersey

(973) 771-3860 / services@bunkergrp.com

Bunker Group, LLC

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