Maryland Home Remodeling Funding
203k Financing Consultant
DBRG can work with you to provide consultation in seeking a 203k Financial Loan.
What is a 203K Loan?
An FHA 203K loan is basically a home improvement loan that is administered through the Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD). The program is the Department’s primary program for repair and rehabilitation of single-family properties. There are two types of loans:
- Standard (k) loans for complex project requiring substantial structural renovation
- Streamlined (k) loans for simple and cosmetic repairs
203K Loan-Eligible Properties
Properties must be a one- to four-family dwelling in existence for at least a year and meet zoning requirements for number of units on the site. Any newly constructed units must be attached to the existing dwelling. If a home has been demolished, or will be razed as part of the rehabilitation work, it remains eligible provided some of the foundation remains intact. The loan can be used to convert a one-family dwelling into a two-, three-, or four-family dwelling, or decrease a multi-unit dwelling to a one to four-family unit.
The 203K Loan can be Used to:
- Purchase a dwelling and the land with it
- Purchase a dwelling on one site, and move it to a new location on a mortgaged property before rehabilitating it
- Finance existing indebtedness on an owned dwelling to rehabilitate it
Maryland Financing Benefit
DBRG is experienced in providing professional 203k home remodeling, addition and renovation services. We’ll work closely with you every step of the way to ensure your home improvement project goes according to plan.