This service allows homebuyers to focus on finding a desirable location and renovate a home to suit their needs. The property purchase and renovations are bundled together into one loan. This highly-specialized transaction requires a specifically certified real estate agent, loan officer, and contractor. Knipp Contracting, certified in 203K renovation loans, is the premier contractor of choice for both homebuyers and investors.
This loan, a cost-efficient solution for home buyers, investors, nonprofit organizations and local government agencies, allows borrowers to renovate, repair or improve a property without taking out a second mortgage, home equity loan or expensive line of credit. Improvements can total up to 50 percent of the as-completed appraised value of the property.