Renovation loans, whether you currently live in the house that you want to renovate or you want to buy a house and renovate it all in one step, one of the most common products would be a 203K renovation loan. There’s a streamline renovation loan which is where the renovations are $35,000 or less, non-structural repairs, so you’re talking things like roof, HVAC, kitchens, baths, flooring, paint, things along that nature could all fall under the 203K renovation loan.
A full 203K renovation loan, you can go above the $35,000 in renovations or if it’s a structural renovation, then you can do things like add or remove bedrooms, go over the $35,000 limits so that’s also available. Renovation loans are a great way to buy a house that’s been foreclosed on or hasn’t been updated, and you can update that house, buy it all in one fell swoop. It’s a great product … 203K renovation loan.