203K Home Renovation Loan Programs

Purchase or refinance a home and finance eligible repairs and renovations in a single loan with an FHA 203K loan from Open Mortgage.

About FHA 203K Loans

Conventional mortgages adhere to Fannie Mae and Freddie Mac guidelines and offer consumers a variety of fixed rate and adjustable rate options. With Open Mortgage, you get access to apply for great rates for 30, 15, and 10 year fixed rate home loans as well as adjustable rate mortgage (ARM) products with low introductory rate periods.

There are two types of 203K financing we offer:

• Limited 203K: Covers many non-structural repairs and improvements such as roofing, flooring, weatherization, decking, porches, septic, painting, and even financing the costs of new appliances into the loan. The maximum cash amount of repairs and improvements may no exceed $35,000.
• Down payments starting as low as 3% with flexible funding sources to help cover the down payment and closing costs
  30, 15, and 10 year fixed rate mortgages
• Standard 203K: Unlike a Limited 203K, borrowers may be able to finance the cost of qualifying structural repairs. Some repairs may include items such as major rehabilitation and structural repairs and improvements that require architectural plans and/or a plan reviewer. There is no limit on the amount of cash one is eligible to receive for repairs (up to the loan’s max loan-to-value limit).

At Open Mortgage, we can help you weigh your options so you can make a well-informed decision on the type of program that may best suit your needs. If you already have a mortgage on the home, we may be able to assist you with a cash-out refinance to get you the funds you need (where available).

A better mortgage. A brighter future.

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