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FHA 203k Loans

Finance your fixer-upper.

Buying a home that needs remodeling and repairs? An FHA 203k loan from BankFive may be the perfect solution. These loans allow qualified borrowers to purchase a home AND get the funds they need for renovations.
 
  • Flexible credit requirements
  • Low down payment requirement (put down as little as 3.5% of purchase price)
  • Available for purchases and refinances
  • Available for owner-occupied single-family homes and owner-occupied 2-4 unit properties
  • The loan is assumable*, which can give you negotiating power as a seller down the road; when you sell your home, the buyer can assume your loan at your interest rate, rather than take out a new mortgage; if rates have risen since you took out your loan, this can be especially attractive to buyers
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How Much Home Can You Afford?
Find out with our handy Mortgage Qualifier Calculator! Try It
Trustpilot
August 11
Monica Botelho handled our refinance
Monica Botelho handled our refinance. She was amazing! The process was seamless. Communication was excellent. We have gone through the refinance process a couple times with other banks for past properties. This experience was the best. I have since recommended and will continue to recommend her to all friends and family in search of quality mortgage/refinance services.
Joshua Frias
Trustpilot
August 11
I would highly recommend James Hanewich…
I would highly recommend James Hanewich at bank 5! He is professional, knowledgeable, and works very fast. I've used James for multiple home loans and every transaction was smooth and what was expected
Glenn
Trustpilot
August 11
Lisa Celio is an excellent mortgage…
Lisa Celio is an excellent mortgage broker. She has helped me with several mortgages and I refer her to family and friends, highly recommend. 10 stars!
Karin
Trustpilot
August 11
Excellent service
Excellent service. The folks at Bank5 we’re professional, friendly and efficient.
Robert
Trustpilot
August 05
Smooth Mortgage Process and Excellent Customer Service
I have completed three transactions with Bank Five within less than a year. Each transaction was smoother than expected, especially, the ones closed during COVID-19. Elizabeth Tetzner is quite knowledgeable on mortgage products and her service turnaround was timely. She provided clear explanations to my questions, which made it easier for me to make final decisions. I must mention also that the team of people who worked on my mortgage products, also played a role in making sure all my closings were timely. Bank Five's mortgage rates are unbelievable, compared to many others I shopped. Looking forward to expanding my real estate portfolio and building a stronger relationship with Bank Five. Thank you for your timely service.
Carol P.
Trustpilot
August 05
Michelle Guertin is the best!
Michelle Guertin is the best!! She is very friendly and informative which helps make stressful situations a lot less stressful. Always willing to talk and discuss our concerns at anytime. Would recommend her and Bank Five to anyone!
Ryan W.
Trustpilot
August 04
Monica Botelho - A+ service
My mortgage officer was Monica Botelho. From the start she was an absolute pleasure to work with. She maintained good communication throughout. While I may have missed out on a "good" refinance rate at the start, she continued to monitor rates until it was once again favorable - almost three months later! Once the process was started, it was seamless from the loan processor to the attorneys. Even after the close, she kept contact to make sure the close went smoothly. If Monica is representative of all the employees at Bank5, no doubt in my mind, it is a great institution. I would definitely reach out to her again for my mortgage needs.
Gerard K
Trustpilot
July 31
The process was very simple
The process was very simple. working with everyone was a pleasure, from beginning to end this by far the easiest mortgage my wife and I have done. Thank you.
Phillip
Trustpilot
July 31
Refinancing our home.
My husband and I just refinanced our home we had Monica Bothelo at bank five we highly recommend her. Monica was really helpful and answered any of our questions. She quickly replied to any messages,she made the whole process quick and easy. We will definitely recommend Monica to any of our friends and family.
Christine Marcelino
Trustpilot
July 29
Refinance during COVID
My loan officer was Monica C. Botelho. I've refinanced my house a couple times in the 25+ years I've lived at my current house. Never has a refinance gone smoother than this last one with Monica and Bank 5. I never had to wait more than just a couple minutes to get answers on any and all questions I had. Sorry to say, but that included nights and weekends when I was done working and had time to focus. Monica kept me informed of what to expect during the entire process and followed thru on everything to make sure I understood what was going on. Could not be happier and I have already given Monica’s contact information to a couple friends who are contemplating a refinance.
Neal
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Turn that fixer-upper into a home with an FHA 203k:

  • Remodel a kitchen or bathroom
  • Add a room, porch, deck, or patio
  • Paint the exterior or add siding or windows
  • Replace a leaky roof
  • Install new flooring, carpeting, or tile
  • Update electrical, plumbing, or heating systems


* Upon qualification

Mortgage Resources
Find out how much home you can afford, review our homebuyer checklist, and check rates.