Helping Washington State homeowners learn more about their mortgage options.
Every home has a story — and sometimes that story includes a little frosting falling off the roof.In my new Sora-generated video, you’ll see a fun twist: my animated character repairing a gingerbread house as though it were a real remodel. It’s a playful way to highlight a very real mortgage option many homebuyers and homeowners don’t realize exists: renovation loans. [Read more…]
If you have been finding the current lack of inventory a challenge, you may want to consider a renovation mortgage. A renovation mortgage (or rehab loan) allows you to finance improvements to the property beyond the sales price of the home. The renovations begin after closing and there are no restrictions on the types of improvements. You can even use this on your existing home as a refinance if you love your location and neighbors and just want to make changes to your home. [Read more…]
UPDATE: Be sure to check out our up-to-date guide on Renovation Mortgages for your next home remodel!
Fannie Mae’s HomeStyle Renovation Mortgage allows for higher loan to value (low down payment). Loan amounts over 80% loan-to-value will have private mortgage insurance that will eventually drop off the mortgage. [Read more…]
The HomeStyle mortgage is Fannie Mae’s version of an FHA 203k rehab mortgage. Fannie Mae HomeStyle allows home buyers to finance improvements and/or repairs with their purchase or with a refinance. This allows home owners to have just one mortgage payment while enjoying upgrades made to their home.
Just like a 203k loan, HomeStyle requires that you work with a consultant to determine what repairs will be required and help advise on improvements. If you’re buying a home and using HomeStyle for your financing, the consultant’s report may also serve as your home inspector.
A Step-by-Step Guide for Washington Homebuyers (Updated for 2026)If you’ve found a home that needs work — outdated kitchen, worn roof, cosmetic issues, or more significant repairs — you may be wondering:
“Can I finance the purchase and the renovation together?”
In many cases, the answer is yes — through an FHA 203(k) rehabilitation loan, a program insured by the Federal Housing Administration.
An FHA 203(k) loan allows you to purchase (or refinance) a home and finance eligible repairs into one mortgage.
But where do you actually start?
Here’s a clear, practical breakdown. [Read more…]
UPDATE: Please visit our updated FHA guide for current information on FHA and 203(k) loans for homes located in Washington state.
An FHA 203k rehab mortgage is great for fixing up a home that you’re considering buying and may even be used to make improvements to your primary residence with an FHA 203k refi. Many lenders offer the “FHA streamlined 203k rehab” loan which limits the amount of funds that can be used for the rehab project. Unlike a streamline 203k, the rehab process is allowed to take up to six months to complete. I’m very pleased that Mortgage Master Service Company is now offering the FULL FHA 203k program.
Please visit my updated Renovation Mortgage Guide for homes located in Washington state.
Some of my Seattle area clients have been searching for the “just right” home for months. With a good portion of the available inventory being bank owned, many of the homes have been left in less than desirable condition or perhaps are overdue for a little TLC. If you’ve found a home that needs some work that’s located in a neighborhood you’d like to call home, an FHA 203k rehab loan may be worth your consideration. [Read more…]
UPDATE: Please check out our updated guide on Renovation Mortgages. [Read more…]
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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