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FHA 203K Renovation & Home Improvement Financing
for Purchasing or Refinancing your Home

203k lender in Massachusetts  203K Lender Massachusetts

FHA 203K Lender Massachusetts

Director of Renovation Lending

NMLS# 38670
Company NMLS #338923

Jeff Onofrio

AnnieMac Home Mortgage

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(888) 203-2453

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One “Totally Combined”
Home Loan

203K Specialist Massachusetts

This is an "All in One” combined loan not two separate loans.

The additional money you need or want for improvements or repairs are added to your purchase or refinance loan. You can add over $35k to your mortgage for larger projects which is a standard 203k loan and if it’s less than $35k worth of improvements or repairs then you can go with a 203k streamline.

And your “Totally Combined” Home Loan is based on the “After-Improvement/Repaired Value”        



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to get started…

(888) 203-2453

General Answers to the FHA 203K LoanGeneral Answers About the 203k Loan...

What type of financing is it?
Think of the 203k as an all in one home loan for improving a property in almost any condition. One loan for buying or refinancing, while getting the money you need for improvements combined into one loan.

There are two types of 203k's
1) The “streamline” for improvements or repairs less than $35k which is then added to your base loan amount.

2) The “standard version” for improvements or repairs above $35k which is then added to your base loan amount.

Loan Requirements:
Property must be owner occupied, 1-4 unit properties

A 203k appraisal is based on the future value after improvements

Down Payment:
3.5% of the total amount borrowed

Only little equity is needed to avoid bringing cash to close

Are just a little higher than home loans without additional funds for improvements

For more ANSWERS download our Free 203K Guide below.

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  • Our downloadable FHA 203K Guide is packed with information about the FHA 203K Loan. Find out what type of projects are eligible and which are not. What properties meet FHA requirements and more!

  • FHA 203K Video explaining the FHA 203K Transaction

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Sign up today to find out what you need to know about the FHA 203K Loan and when you're ready to get started we're here for you every step of the way to help you finance that property.

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About Jeff Onofrio

FHA 203k Renovation mortgages are my primary focus. Whether you are purchasing a home that needs rehab work or a current home owner who is looking to renovate their primary residence a 203k loan from AnnieMac Renovation Lending can help.

Right now there are millions of homes sitting on the market that with a little TLC would be everyone’s dream home- it’s just a matter of learning how to make those dreams a possibility.

At AnnieMac Renovation Lending we not only originate FHA 203k mortgages- we educate consumers, Realtors and contractors how to use the FHA 203k mortgage. We take the time to truly give everyone the knowledge of how to take a fixer upper and turn it into the American dream. Our experience and dedication to giving the best possible customer service is what truly separates us for the rest. Some companies talk about their experiences- we show you ours.


The Benefits of an FHA 203K Loan for Home Improvements in Massachusetts
FHA 203k Befor & After pix

Are you looking for a dream house in Springfield, Boston or one of the other many beautiful parts of Massachusetts? Maybe you've been looking for your ideal home for some time, and maybe you've seen lots of great properties that you love but they're just out of your price range. Or perhaps you've already seen a great house but you simply can't afford the huge down payment the bank wants before they'll give you a mortgage.

If this describes you, then have you ever considered applying for an FHA 203K loan?

The chances are you won't have heard about this type of loan, because until recently, they haven't been that common. However, due to market and property conditions the 203K loan is becoming more popular. There are many reasons for this.

What are FHA 203K Loans?

FHA 203K loans have been around for many years. They allow you to borrow enough money to buy a house, and also the amount needed to renovate it as part of the same loan. The 203k program is insured by FHA Federal Housing Administration.  This means if you were to default on the loan at any time, the FHA would cover the lenders lost. So, because this reduces the potential risk to the bank or lender, they are able to offer low interest rates and request much smaller down payments.

Benefits of taking out a 203K Loan

The main benefit is the low cost of taking out the loan. The down payment required is only 3.5% which is much more affordable than the up to 20% that is normally required by banks. In addition, the funds for the down payment can be a gift.  You can get the money from a relative for example, or even your employer.

The maximum you can borrow depends on what kind of house you want to buy, and where in Massachusetts it's located. For example, you can borrow around $300,000 to buy a single family house in Springfield. If, however, you wanted to buy a property in a different city, then your FHA 203K specialist would be able to give you all the information you need.

One of the other benefits of this loan is the renovation aspect. You can borrow an additional amount as part of the loan to fix up or totally renovate the house you're buying. This doesn't just mean fixing a roof or other structural repairs. It means you can include practically all the costs you would incur to renovate the house. Things like flooring, carpets, fixtures and fittings and wallpaper to name just a few.

Just imagine if you could find a run down foreclosure in a town you really like that was going for a really low price. You could arrange an FHA loan for renovations to buy the house and include everything you need to completely fix it up. If you did a good job you could dramatically increase the value. You could end up with a house worth much more than what you paid for it.

This is what happened to Mike Baxter who bought a dilapidated foreclosure property in Berkshire, Pittsfield. He took out a 203K loan for $180,000 and after complete renovation, the property is now worth over $220,000.

Mike said "I was a first time buyer and didn't have a lot of savings so I was looking for something cheap but still in a good location. I found a house I could afford but then I heard about the 203K program, so I got some advice from a specialist. I was going to take a normal mortgage but I'm so glad I didn't. By taking the 203K loan for home improvements out, I was able to make a smaller down payment rather than the 20% I was going to pay and I was able to borrow more to fix the house up. This means I've kept a lot of my savings. It's saved me loads of money and was much less stressful than I thought."

This type of home improvement loan has been around for years to help homeowners and now many are seeing how beneficial these 203K loans are and more and more people are taking them out.

You can find out more information about a 203K Loan in Massachusetts by contacting you local 203K specialist.


Call me for your Free Mortgage Consultation today

(888) 203-2453


203k Loans Massachusetts

Jeff Onofrio is an FHA 203k Lender helping homebuyers, homeowners and real estate agents with their Renovation Loan financing throughout the Massachusetts cities below:
Boston Worcester Cambridge
Newton Franklin Plymouth
Framingham Quincy Springfield
Beverly Brookline Andover
Falmouth North Attleboro Fall River
Hopkinton Barnstable Braintree
Needham Shrewsbury Medford
Winchester Easton Acton
Brockton Natick Leominster
Waltham Taunton Lowell
Wellesley Newburyport Woburn
New Bedford Methuen Norwell
Lexington Attleboro Haverhill
Burlington Arlington Agawam
Sudbury Chelmsford Osterville
Westborough Westwood Marblehead
Somerville Foxboro  

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