FHA 203(k) Renovation Loan Program

The FHA 203(k) Renovation Loan is designed for buyers and homeowners who want to purchase or refinance a property in need of repairs or upgrades. Backed by the Federal Housing Administration, this program allows borrowers to finance both the purchase price and renovation costs into a single mortgage, simplifying the home improvement process.
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Comprehensive Renovation Financing

The FHA 203(k) loan covers a wide range of eligible repairs and improvements, including structural repairs, modernization of kitchens and bathrooms, energy efficiency upgrades, and accessibility modifications. This allows borrowers to customize their property to fit personal or investment objectives. Funds for renovations are placed into an escrow account and disbursed in phases as work is completed. This structured approach ensures that improvements are executed properly while protecting both the borrower and the lender.
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Purchase & Refinance Options

Borrowers can use the FHA 203(k) program for both purchasing a home in need of renovation and refinancing an existing property to fund improvements. This flexibility allows homeowners and investors to enhance property value without juggling multiple financing solutions. Refinancing with a 203(k) loan also enables homeowners to consolidate high-interest debt or replace outdated financing with a single, structured loan that includes renovation costs.
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Benefits of an FHA 203(k) Loan

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Combines purchase and renovation costs into a single mortgage

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Covers a wide range of eligible repair and improvement projects

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Streamlined approval and structured fund disbursement

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Enhances property value and long-term equity potential
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Streamlined Approval Process

Although the FHA 203(k) loan involves additional documentation due to renovation financing, the process is designed to be streamlined. Licensed contractors, appraisal oversight, and phased disbursements reduce risk while providing borrowers with clarity and security during the renovation process. Michael Glenner works closely with borrowers and contractors to ensure project timelines, cost estimates, and loan disbursements align with underwriting requirements.
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Why Choose Michael Glenner at Contempo Lending

Choosing the right mortgage professional directly impacts your financing experience, approval success, and long-term financial outcome. Michael Glenner of Contempo Lending provides personalized mortgage solutions tailored to each client’s financial profile, property goals, and timeline. Rather than offering one-size-fits-all lending, every loan strategy is carefully structured to align with underwriting standards while maximizing affordability and long-term stability.

We are known for

Precision Pre-Approvals – Thorough income, credit, and asset analysis upfront to strengthen offers and reduce underwriting surprises.

Program Versatility – Access to VA, FHA, Conventional, Jumbo, Non-QM, HELOC, and refinance options tailored to complex financial profiles.

Transparent Communication – Clear rate explanations, fee breakdowns, and consistent updates from application through closing.

Efficient Closings – Proactive documentation management and lender coordination to minimize delays and meet contract timelines.

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Why Choose Rapid Closing?

Choosing the right mortgage partner can make all the difference in your homeownership journey. At Rapid Closing, we combine speed, expertise, and personalized care to deliver financing solutions that are tailored to your goals. Whether you’re a first-time home buyer, refinancing, or exploring specialized programs, our team is dedicated to making the process smooth, transparent, and stress-free. With Rapid Closing, you’re not just getting a loan—you’re gaining a trusted partner who stands by you every step of the way.

We are known for

Fast & Reliable Closings – Streamlined processes that save you time and stress.

Wide Range of Loan Programs – From FHA and VA to DSCR, Jumbo, and USDA loans.

Personalized Guidance – Clear, step-by-step support with dedicated loan specialists.

Flexible Solutions – Options designed for first-time buyers, investors, and unique situations.

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"FAQs"

Down payment requirements vary by loan program. FHA loans may require as little as 3.5%, Conventional loans can start at 3% depending on qualifications, VA and USDA loans may offer zero-down options for eligible borrowers, and Jumbo loans typically require higher down payments. The exact amount depends on credit profile, income, and property type.

Minimum credit score requirements vary by program. FHA loans are generally more flexible, while Conventional and Jumbo loans typically require higher scores. Non-QM programs may offer alternative qualification pathways for borrowers with unique financial circumstances. A full credit review determines the most suitable option.

On average, the mortgage process takes 21 to 30 days from application to closing, depending on loan type, appraisal timelines, and documentation responsiveness. Proactive pre-approval and organized financial documentation can significantly streamline the process.

Yes. Self-employed borrowers can qualify using alternative documentation such as bank statements, profit and loss statements, or asset-based calculations. Specialized programs are designed to accurately reflect business income while meeting lender guidelines.

Refinancing may be beneficial if you can secure a lower interest rate, reduce monthly payments, shorten your loan term, or access home equity. A detailed cost-benefit analysis helps determine whether refinancing aligns with your long-term financial goals.

Budgeting & Project Management

The program requires a detailed renovation plan with cost estimates, timelines, and contractor approvals. This ensures that funds are allocated efficiently and the project stays within budget. Borrowers gain a structured roadmap to complete renovations on time and within financial parameters. This planning also helps maximize property value while minimizing unexpected expenses or financing complications during the renovation period.