The loan covers a wide range of renovation expenses, including roofing, flooring, plumbing, kitchens, bathrooms, HVAC systems, accessibility upgrades, and even appliances. First-time homebuyers love the 203(k) loan because it allows them to enter the market more affordably. Older or distressed properties usually come with lower price tags, and the 203(k) loan provides the funding to transform them.

This program also works for refinancing. If you already own a home in Omaha, Gretna, or Fremont and want to upgrade it, you can refinance into a 203(k) and roll renovation costs into your mortgage. A key benefit is that you only have one monthly payment—no separate construction loans or high-interest credit cards. This makes it easier to budget while building the home you truly want.

Flexible qualification terms make it accessible to a wide range of borrowers, including those with limited down payment savings or lower credit scores. It’s a realistic option for those with solid financial potential but limited resources.

Contractor bids and renovation plans are required upfront, keeping the process organized and ensuring that the loan matches the scope of the work. We’ll guide you step-by-step through the paperwork and approvals.

The 203(k) loan is also ideal for revitalizing communities, helping improve older neighborhoods in Nebraska by giving new life to underused homes. Renovation work must begin shortly after closing and follow a clear timeline, with inspections required to ensure progress. Our team coordinates closely with contractors and consultants to ensure everything stays on track.

Your future home’s value is based on its post-renovation appraised value, not just its current condition. This gives you instant equity potential and a stronger long-term investment. At Mortgage Loans of America, we specialize in guiding buyers through the 203(k) process—turning fixer-uppers into dream homes with confidence, structure, and financial flexibility.