You can find some great deals on properties sold as is. But sometimes,
they need a great deal of work and renovations, too. An FHA 203(k)
Renovation Loan may be just the loan you need.1 This specialized program
allows you to borrow the purchase price of the home, plus money for
renovations, all with the convenience of a single loan and closing.
By submitting this form, you authorize Bank of America to contact you at the telephone number or email provided for this home loan inquiry, even if you have previously registered on a Do Not Call registry or requested Bank of America to not send marketing information by email. You agree we may use an auto-dialer to reach you. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.
1Available on a 30 year fixed rate product only. $5,000 min. loan amount (does not apply to FHA Streamline 203(k)). The maximum loan-to-value for single family residences is 96.5% of (1) the sum of the appraised value plus the cost of improvements, or (2) the as-improved appraised value, whichever is less. All renovation construction and/or additions financed with Section 203(k) mortgage proceeds must comply with HUD; ask for details. Where required, work must be performed by a licensed contractor. Timing of resale of property subject to restrictions. Renovation construction must begin within 30 days of closing and all work must be completed within 6 months of closing. Subject to satisfactory appraisal report(s). Not available for investment properties. Restrictions on secondary financing may apply. State restrictions may apply. Minimum credit scores apply. Not all applicants will qualify.
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
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1FHA mortgage insurance protects the lender if a borrower defaults on the FHA loan. Each FHA borrower pays a mortgage insurance premium. The premiums are collected and used by the FHA to reimburse the lender (not the borrower) should the borrower default and the lender must foreclose upon the loan/sustain a loss. This insurance enables a lender to provide loan options and benefits often not available through conventional financing.