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Tim Phelps

NMLS ID ------

757-366-8690 tphelps@tidewaterhomefunding.com

Renovation Loan Programs

Renovation Options can include anything that adds value to the home such as:

  • Structural changes including room additions Renovation
  • Install, repair or upgrade plumbing, electrical or HVAC
  • Remodel kitchen and bathrooms
  • Roofing repair or replacement
  • Repair/Replace/Upgrade well and septic systems
  • Paint - interior and exterior, new flooring, new appliances, decks, and fencing
  • Weatherization - including storm windows and doors, insulation, weather stripping, etc.
  • Accessibility improvements for persons with disabilities
  • Elimination of health and safety hazards, termite removal and mold remediation

Standard - FHA 203k

  • Repairs/improvements must be at least $5000
  • Primary Residence only - 3.50% Down Payment
  • Used to facilitate major repairs and improvements or costs and fees exceeding $35,000
  • Consultant required
  • Architectural exhibits may be required
  • Termite report required
  • Purchase or refinance
  • Up to six (6) months, PITI can be included if the property cannot be occupied during construction

Limited - FHA 203K

  • No minimum repair amount
  • Primary Residence only - 3.50% Down Payment
  • Maximum renovation budget of $35,000 in repair costs and fees
  • Used to facilitate non-structural repairs and improvements
  • No Consultant required
  • No Architectural exhibits required
  • Purchase or refinance

Fannie Mae HomeStyle® Renovation

  • 5.00% down payment for the purchase of a Primary Residence (3.00% - First Time 
  • Second/Vacation homes and Investment Property options available.
*Renovation funds may not exceed 75% of the "after-completed" value of the home.

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