Reno·Vision · Private-Client Concept
See 26 Wilstan Avenue renovated.
Patchogue, 11772
An FHA 203(k) renovation loan finances the home and the work in a single mortgage — so a house that needs updating is within reach.
What this could be
Every dated house is two houses.
The one you walk through, and the one it becomes. A renovation loan is what closes the distance — and the pages below show the work and the numbers for this address.
The same house
Before, and after.
The Opportunity
A home with great bones, ready for a thoughtful renovation — and a way to finance the vision and the work in a single mortgage.
This 1964 colonial is well-maintained structurally but finishes throughout are original or older, with dated paint colors, paneling, and worn carpet creating strong renovation upside; kitchen and baths were not shown but the visible living areas signal an untouched interior beneath solid bones.
Why This Loan
The 203(k) advantage.
The renovation is in the mortgage
You are not paying for the kitchen out of pocket. The purchase price and the cost of the work are financed together in one FHA 203(k) mortgage.
One low down payment on the whole project
Your down payment is calculated once, on the combined home-plus-renovation total — not twice, and not on the renovation separately. Your lender sets the exact figure.
No renovation loan, no credit cards
There is no second loan, no HELOC, and no construction financing to line up. One application, one closing, one monthly bill.
The work happens after you close
You close first, then the renovation is funded from an escrow the lender manages alongside your licensed contractor.
Most buyers scroll past a house like this because they picture writing a check for the kitchen on top of the down payment. A 203(k) is the reason they don’t have to.
Before & After
See it reimagined.
living room
Today
Conceptliving room / stair landing
Today
Conceptkitchen (secondary/laundry area)
Today
Conceptbonus/living room
Today
ConceptDrag the handle to compare. The “concept” side is an AI-generated rendering — not a photograph of the actual finished condition — shown beside the real listing photo it was built from. Furnishings shown are virtual staging.
The Numbers
A renovation budget.
Renovation Budget
The scope, in ranges.
| ScopeScope item | RangeEstimated range |
|---|---|
Minor kitchen remodel (reface/refresh) | $20,000 – $35,000 |
Bathroom remodel (mid-range) | $25,000 – $60,000 |
Hardwood refinish $5–$8 / sqft × 2,618 sqft × 0.85 | $11,126 – $17,802 |
Whole-house interior paint | $4,000 – $12,000 |
200-amp electrical panel | $2,500 – $5,800 |
| Construction subtotal | $62,626 – $130,602 |
Contingency reserve 15% of construction cost | $9,394 – $19,590 |
HUD 203(k) consultant fee Required on a Standard 203(k) | $1,400 |
Township permits | varies by township — confirmed at bid |
| Estimated all-in | $73,420 – $151,592 |
Preliminary photo-based estimate for planning purposes only — not a contractor bid and not a HUD 203(k) work write-up. Actual costs require licensed-contractor bids.
Own It Renovated
One loan. Home and renovation.
Renovation Financing
One loan. Home + renovation.
FHA 203(k) renovation financing lets a buyer purchase a home and fund the renovation in a single mortgage — the concept shown on this page is designed around that path. Program terms, rates, and payments come from the licensed lender of your choice. We’re happy to connect you with lenders experienced in renovation lending.
We are a real estate brokerage, not a mortgage lender. Financing is available through any qualified lender. Equal Housing Opportunity.
Cash To Close
It starts with the down payment.
Minimum down payment (3.5%)
$24,938
The FHA minimum down payment is 3.5% — and on a 203(k) it is calculated on the TOTAL acquisition plus renovation cost, not the purchase price alone. This figure is the down payment only, not a total cash-to-close: closing costs, prepaid expenses, the appraisal, earnest money and any inspections are additional out-of-pocket items.
- Total project (purchase + renovation)
- $712,506
- Minimum down payment (3.5%)
- $24,938
- Estimated loan amount (upfront MIP financed in)
- $699,601
- Estimated amount financed (loan less the financed upfront MIP)
- $687,568
- Appraisal
- Paid up front by the buyer
- Closing costs & prepaid expenses
- Additional — not shown here
The down payment must come from the borrower’s own funds or an acceptable gift. A seller or other interested-party concession may NOT be applied to the down payment.
Interested-party contributions are capped at 6% of the sales price and may go toward closing costs, prepaid expenses, discount points, and the upfront mortgage insurance premium. So if a seller agrees to contribute, those costs can be covered or financed rather than paid in cash — which can leave the down payment and the appraisal as the buyer’s out-of-pocket. A concession is negotiated, never guaranteed, and the 6% cap may not cover all of a buyer’s closing costs and prepaid expenses; anything not contributed is paid by the buyer.
The upfront mortgage insurance premium is financed into the loan and annual mortgage insurance is charged monthly. The estimated loan amount sits under the 2026 FHA Suffolk County one-unit limit of $1,249,125 — confirm current limits.
Required Disclosure
7.12% – 7.61% APR
Illustrative annual percentage rate · Sample assumptions, not a rate quote
- Amount of downpayment:
- $24,938 (3.5% of $712,506).
- Terms of repayment:
- 30-year fixed rate; 360 consecutive monthly payments of principal and interest, plus monthly FHA mortgage insurance, on an estimated amount financed of $687,568; the upfront mortgage insurance premium is financed into the loan.
- Annual percentage rate:
- 7.12% – 7.61%, derived from a sample 6.25% – 6.75% note rate band.
This is not a loan offer, quote, pre-approval, or commitment to lend. The rates and APRs shown are hypothetical illustrations, not available offers. Actual terms depend on the borrower’s credit, the lender, the loan program, and market conditions at the time. A licensed loan originator must provide any actual figures. Figures assume an FHA 203(k) purchase-plus-renovation loan at the FHA minimum 3.5% down with the upfront mortgage insurance premium financed and annual mortgage insurance included; closing costs, prepaid expenses, and property taxes are excluded.
The Mechanism
How a 203(k) works.
One loan, one closing
The purchase price and the renovation are financed together in a single FHA 203(k) mortgage — no second loan and no separate construction financing.
One low down payment on the whole project
Your down payment is calculated once, on the combined home-plus-renovation total — not twice, and not on the renovation separately. Your lender sets the exact figure.
Renovate after you close
The work happens after closing, funded from an escrow the lender manages alongside your licensed contractor.
Straight Answers
203(k) questions, answered.
Isn't a renovation loan complicated?
Less than most people expect. An FHA 203(k) is one loan with one closing: the purchase and the renovation budget are financed together, and the renovation funds are held in escrow and released to the contractor as work is completed. A 203(k)-experienced lender manages the draw process — your job is choosing the house and the finishes.
Who does the renovation work?
Licensed contractors that you select and the lender accepts. The work is defined in a written scope before closing, so the price and plan are set up front. This is not a do-it-yourself program — which is a feature: the budget is real bids from real contractors, not guesses.
What if contractor bids come in higher than the estimate on this page?
The figures on this page are preliminary planning estimates, not bids. The actual loan is sized from your accepted contractor bids, and the program builds in a contingency reserve on top of them specifically to absorb surprises. Nothing about this concept commits you to a number.
Can the down payment be rolled into the loan?
No — the renovation costs are financed, but a down payment is still required and cannot be financed into the loan. Depending on the deal you negotiate, a seller may agree to cover some closing costs as a concession, which can reduce what you bring to the table — but concessions are negotiated, never guaranteed, and they cannot fund the down payment.
How long does it all take?
Closing on a 203(k) typically takes somewhat longer than a standard purchase because the renovation scope is documented up front. After closing, the home is yours and the renovation runs on the timeline in your contractor agreement, with funds released as stages complete. Every project is different — bring us the address and we'll walk you through a realistic schedule.
Different question? Ask us directly below — no obligation, and no such thing as a dumb 203(k) question.
Next Step
Start the conversation.
Want to see what it takes to own 26 Wilstan Avenue renovated? Share your details and our team will walk you through the concept — no obligation.
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