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Rehab Loans

203K:
A 203k loan is a type of home improvement loan that allows current homeowners and potential homebuyers the ability to finance the purchase and costs of upgrades to their house in one single mortgage.

A 203K loan sometimes referred to as a Rehab Loan or FHA Construction Loan is an FHA loan product that is insured by the Federal Housing Administration (FHA).

For a 203K Loan you will need:

  • A minimum FICO Score of 620
  • A down payment of just 3.5% (You can receive 100 percent of your down payment requirement via a gift from family)
  • A debt-to-income ratio (DTI) no more than 45%
  • To occupy the house as your Primary Residence
  • An approved contractor
  • An approved HUD Consultant
  • Begin construction/renovation within 30 days of closing

Home Style:
A Home Style loan is a home renovation loan that lets both potential and existing homeowners finance improvements, renovations or repairs to a home at the time of purchase or as a refinance transaction.

A Home style loan is a conventional mortgage loan product that offers a simple, flexible and affordable way to make your house your home.

For a Home Style Loan you will need:

  • A minimum FICO Score of 620
  • A down payment as low as 5%
  • A debt-to-income ratio (DTI) no more than 45%
  • To occupy the house as a Primary Residence
  • An approved contractor
  • To take a Homeownership Education Course
Weatherstone Mortgage Corp.
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