Home Purchase Mortgage Calculators
Mortgage Program Calculators
Because you want to do the renovation work yourself, the FHA 203(k) Mortgage Program is likely your best and only financing option. We provide a comprehensive overview of fixer-upper mortgage programs on FREEandCLEAR that you can review but the FHA 203(k) Program is the only program that permits a limited amount of sweat equity as long as the work is performed by a qualified contractor. Additionally, the FHA 203(k) Program enables borrowers to finance both the purchase of a home as well as the cost of significant rehabilitation, remodeling and repairs to the home with a single FHA loan and requires a down payment of only 3.5% of the post-renovation property value. We provide a thorough overview of the FHA 203(k) Mortgage Program on FREEandCLEAR. I am assuming that you are looking to buy a home and not renovate a property that you already own, in which case a home equity loan or line of credit (HELOC) may be viable financing options.