Logo, The Lee Smith Group - Mortgage Lenders
16 Years of Experience in Renovation Lending
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(301) 509-9437
Maryland - Washington DC



Experienced Mortgage Lenders Specializing in Renovation Financing

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Renovation Loan Overview

Renovation loans are eligible for 1st time buyers, trade up buyers, 2nd homes, and investors.  Borrowers are able to purchase or refinance properties from 1 unit to 4 units and condo’s with these loans.

The idea of buying a fixer-upper and turning it into your dream abode can seem so perfect -- every nook and cranny just to your specifications! The reality, however, can be harsh. When you realize how much it will cost to remodel, you often also realize that you can't afford it. Or you find out that a lender won't give you a loan because the home is considered “uninhabitable” as it is. That's where an FHA 203k loan or a Home-Style loan comes in.

An FHA 203k loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it.

A Home-Style renovation loan is backed by Fannie Mae and varies in underwriting guidelines, down payment, and loan limits. It’s does allow for investor to use the loan program, were the FHA 203k loan does not.

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Contact the mortgage experts at The Lee Smith Group for complete, personalized assistance during your renovations.

Eligible Properties
What Type of properties can be Financed?

Single-Family Residences
Attached homes, detached homes, and town homes.

One unit to convert to a two unit property
This scenario is an excellent opportunity to convert the basement into a legal income producing unit. The Washington DC row homes properties are ideal for these type of conversion. The value is based on a 2unit at time of underwriting.

One to Four unit Properties
Multi-unit properties are acceptable and usually projected rental income can be used to help qualify for the higher loan amount.

Renovation improvements are limited to the interior of the unit, but does allow for full remodel or just appliances.



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Hours of Operation:
Available 24 Hours a Day, 7 Days a Week
Appointments Available



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Contact us today for stress-free renovation financing options that help you create your ideal home.

How it Works
A Step-by-Step Process

1.    Get Pre-approved-Speak to one of our renovation loan specialist to get pre-approved. A 10 minute loan application to determine your qualifying loan amount. This amount will include the renovation funds as well as the purchase price of the home.  We will discuss how the loan works and the process flow of the loan.
2.    Property selection - You will select a property and write an offer to purchase the property.  With the offer we will provide a pre-approval letter stating the type of renovation loan you have been pre-approved to obtain.  
3.    Offer is Accepted! We either will have a contractor provide a bid on the required and/or desired work on the home. If work appears to be above $30,000 a licensed 203k HUD consultant would be scheduled to inspect the property and develop the construction specs, then a contractor bid package will be available to obtain bids from contractors.
4.    Contractor - Contractor is selected and final bid price is confirmed. Appraisal is order based on future value of the home.
5.    Loan submitted to UW - All contractor documents are signed and submitted with the credit documents required. Loan is submitted for underwriting and approval.
6.    Loan is Approved and sent to closing. Work starts after closing of the loan, and work must start within 30 days and be completed within 6 months.



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Who We Are

Since 1998, The Lee Smith Group of Rockville, Maryland, has helped families purchase, refinance, and remodel their existing homes through renovation financing. Our knowledgeable mortgage lenders provide an avenue for you to make your home design dreams a reality.

More than 99% of mortgage lenders in the market are considered jacks-of-all-trades (and masters of none). While they take a shotgun approach to lending and attempt to offer all products to all customers, we are different. Our professionals believe that to truly excel and provide the best customer service experience possible, you have to specialize in a specific area. Therefore, we focus solely on renovation lending to ensure you have the comprehensive support and financial knowledge you need during your remodeling project.

Contact us today for stress-free renovation financing options that help you create your ideal home.
203KHUD.com is not affiliated with or endorsed by the U.S. Department of Housing and Urban Development.
License NMLS #188505