You have a handful of options when choosing the right loan to buy or refinance a home. Loan types often differ based on their qualification requirements and the terms they offer, such as the loan’s length, interest rate and whether it’s fixed or adjustable, as well as the minimum down payment amount. We can help you weigh these options to see what loan program makes the most sense for you. An FHA 203(k) loan is meant specifically for the purchase or refinance and renovation of a home. It offers the opportunity to have one loan that covers both the cost of the home and the project costs to renovate it. With that single loan comes specific requirements such as working with licensed contractors, using the funds for specific types of repairs, and living in the home as your primary residence for at least 12 months. With these requirements and backing from the FHA also comes more flexible standards related to your personal finances, making it easier to qualify without a high credit score or down payment.