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FHA 203K Renovation Loan (Purchase & Refi)

Want to repair and rehabilitate a damaged home? Costs can rapidly get out of control.

A Low Down Payment Government Rehab Loan, also known as a 203k loan, is designed to help in this situation, allowing a homeowner to borrow funds needed for their project. These are complex loans that our brokers know inside and out in order to help you make a house your home. This program offers the unique features that make FHA loans excellent financing solutions in today’s market:

  • Purchase or refinance
  • 1-4 unit properties (owner-occupied only)
  • FHA down payment (3.5%)
  • Flexible credit qualifying
  • Assumable loans
Why Blue Water Mortgage?
No Surprises
No Surprises
With over 150 years of collective experience, our mortgage brokers have seen it all. This level of expertise enables us to anticipate and quickly resolve any issues that might arise and close on time, every time.
Personalized Services
Personalized Services
Buying a home is one of the biggest purchases you’ll make in your entire life. That’s why our brokers are available via phone 24/7 to address any concerns or answer any questions you might have about the mortgage process.
Competitive Rates
Competitive Rates
Blue Water is locally owned, so we aren’t beholden to banks. That means we’re able to offer a more diverse portfolio of mortgage products tailored to your specific needs, as well as more competitive rates and lower closing costs.
Rated five stars by our amazing customers

Roger worked with me on an extremely complicated deal, and his knowledge, persistence and excellence helped to pull everythin…

Adam Merrill

We have worked with Blue Water Mortgage group several times over the years, they helped with our home purchase, sale and refi…

Angie Hoxie

We had a fantastic experience with Blue Water Mortgage. We were referred to them by two of our friends, we would definitely r…

Ashley Acksel

We started my home buying experience we where told by many mortgage companies we had to wait 3 years. I was doing a VA loan. …

Mark Johnson

I honestly wouldn’t go elsewhere! We were looking to buy our house about 4 years ago and a friend referred us to Jason …

Kristina Valante

I highly recommend Blue Water Mortgage! I sought to work with them because they have a reputation of being very patient and t…

Michele Cota

We had a very quick home search process Kristina and Paula made it happen for us! Kristina was in constant communication to k…

The Baileys

Excellent experience. Roger and his team work unbelievably hard to get the job done. Always available and happy to explain/ad…

Silas Laycock

Blue Water Mortgage has a team of people behind the scenes that most us never see. I was fortunate enough to meet several of …

Tom Carroll

Blue Water Mortgage is fantastic! We just recently refinanced with them again, and it was smooth sailing. We contacted them a…

Sarah Natt

They were wonderful to work with. I highly recommend them. Not only were they able to get me the best/lowest rate easily but …

Nathaniel Toutenel

It is rare to find a business that is so dedicated to its customer base. Blue Water Mortgage was able to close faster than mu…

Ryan Goulding

Jason and Ann are the new Dynamic Duo! Our situation was less than perfect. Jason and Ann worked to make our dreams a reality…

Lisa Finch

As a first time home buyer my experience with Blue Water Mortgage was excellent. Jim Collins was recommended to me by my real…

Kristina C.

We were referred to BlueWater Mortgage through our bank, The Provident and it was a great experience. From the start our cont…

Jeremy Kirkpatrick

The Mortgage Process

Blue Water’s mortgage loan process timeline involves a series of five steps, some of which require sitting down with one of our experts to analyze all aspects of your financial health. Here’s what you can expect:
Getting to Know You & Getting On Track
In our first meeting, we’ll answer your questions and talk about the programs we offer that would best fit your situation.
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Getting Pre-Qualified
The next step in the mortgage loan process is applying for pre-qualification, which enables us to confidentially verify your credit, income, assets, and liabilities.
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Assessing Loan Programs & Rates
At this point, we’ll start to sort through and evaluate which mortgage best fits your needs.
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Obtaining Loan Approval
Once you’ve submitted your loan application, we’ll work with our lenders to help find you the best rate and most favorable terms possible.
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Closing the Loan
After your loan is approved, we’ll review the details once more to make sure you feel confident about the financial commitment you are about to make. Once all of your questions are answered, we will schedule a closing.
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Home Loan Resources

10 Questions to Ask When Buying a Home
eBook

This ebook will help you better understand the home buying process so you can make a more informed buying decision.

Get the eBook
Worksheet

Use our Down Payment Worksheet to get a idea of what you can afford to spend.

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Checklist

Before you start looking at properties it's best to figure out what you can't live without.

Get the Checklist

Please be advised that your actual rate, payment, and cost could be higher. Get an official Loan Estimate before choosing a loan. This estimate is provided for informational purposes ONLY, to assist you in determining an estimate of cash that may be required to close and an estimate of your proposed monthly mortgage payment. Actual charges may be more or less, and your transaction may not involve a fee for every item listed.

Rate and APR based on the following assumptions: Purchase Price of $250,000, loan amount of $200,000, 80% loan to value, 740 credit score, single family property, primary residence, escrowing taxes and insurance, debt ratio within program guidelines.