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Metro Detroit • 31 mortgage lenders profiles

Renovation Loans (203k) in Metro Detroit

Compare verified lenders for FHA 203(k) and other renovation loans that combine the home and the repairs in one Metro Detroit mortgage. Request a consultation.

5Featured pros
31Mortgage Lenders profiles
6Metro counties
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Local to Metro Detroit: Detroit, Wayne, Oakland, Macomb and more

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Featured renovation loan pros

Top Renovation Loans (203k) Pros in Metro Detroit

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Before you hire

Renovation Loans (203k) in Detroit: what to expect

A 203(k) renovation loan in Detroit lets you buy or refinance a home and finance the repairs in one FHA-insured mortgage. It fits the city well: many Detroit, Hamtramck and Highland Park homes are older and need a roof, furnace, electrical or plumbing work before a standard FHA appraisal would pass.

HUD offers two types. The Limited 203(k) covers minor remodeling and non-structural repairs, and a consultant is optional. The Standard 203(k) covers major renovation and structural work, requires a HUD-approved 203(k) consultant, and pays contractors in draws. Both are for a home you will live in. Conventional options such as Fannie Mae HomeStyle may also fit.

You will need contractor bids before closing, and permits from the local building department (BSEED in Detroit). Pre-1978 homes need lead-safe work practices. Line up general contractors and compare Metro Detroit 203k lenders.

What a good engagement includes

  • Choice between Limited and Standard 203(k) or a conventional renovation loan
  • Review of contractor bids and scope of work
  • HUD-approved consultant for a Standard 203(k)
  • Appraisal based on the value after repairs
  • Repair escrow with a draw and inspection schedule
  • A Loan Estimate and, before closing, a Closing Disclosure
  • Explanation of contingency reserves and completion deadlines

What drives the fee

  • Purchase price and repair budget
  • Limited versus Standard 203(k)
  • Consultant, inspection and draw fees
  • Credit score and down payment
  • FHA mortgage insurance premiums
  • Contingency reserve required by the lender
  • Contractor pricing and permit costs

Rebuild Detroit does not publish fees. Ask each attorney to explain the fee basis in writing and compare.

Licensing and disclosures in Michigan

Michigan licenses mortgage brokers, lenders and servicers through DIFS (the Department of Insurance and Financial Services), and individual mortgage loan originators need their own license unless an exemption applies. Banks and credit unions are exempt from the state company license, and their loan officers are registered in NMLS instead. Either way, the NMLS ID must appear on applications and ads: look it up on NMLS Consumer Access.

The lender must be FHA-approved and experienced with 203(k) loans. Contractors working on your home need a Michigan residential builder or maintenance and alteration license from LARA, and the work needs local permits.

Verify: NMLS Consumer Access lookup DIFS: Mortgage brokers, lenders and servicers File a complaint with DIFS How We Vet

How to compare attorneys

  1. Ask each lender how many 203(k) loans it closes and how draws work.
  2. Compare Limited and Standard 203(k) quotes with a conventional renovation loan.
  3. Confirm who orders the consultant and inspections.
  4. Get two or three contractor bids with a detailed scope.
  5. Check the lender on NMLS Consumer Access and the contractor on the LARA lookup.

Ready to get started?

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Common questions

Renovation Loans (203k) FAQ

You finance the purchase and repairs together. Repair money goes into an escrow and is paid to contractors as work is completed and inspected.
The Limited 203(k) covers minor, non-structural work without a required consultant. The Standard 203(k) covers major and structural work and requires a HUD-approved consultant.
Your repair budget, the program type, consultant and draw fees, credit, down payment and mortgage insurance. Rebuild Detroit does not quote rates.
No. FHA 203(k) loans are for owner-occupants. Investors typically use hard money or other rehab loans.

Get renovation loan consultations from local pros

Compare Metro Detroit mortgage lenders and confirm credentials, scope and cost drivers before you hire.

Call (833) 313-2434