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  • The Prospect Mortgage Dream Remodel Loan can turn your house into your dream home!

    May 20, 2013
  • Our Dream Remodel Loan is part of the FHA’s 203(k) loan program, and is designed to finance the purchase and renovation of your home, all in one loan.

    You can get a 203(k) loan in 2 steps

    • Buy a “Fixer-upper” or REO property needing renovation
    • Get funds to both purchase and upgrade your dream home OR refinance and renovate your existing home

    Advantages of 203(k)

    • Loan amount based on the lower of 110% of the projected market value following repairs or value of the property before rehabilitation plus renovation costs
    • Only one loan needed to both purchase and improve
    • Refinance and rehab your own home
    • Can be used to buy property otherwise not eligible for financing