FHA 203(k) - Rehab Loan

Purchase or Refinance and rehab your property to create your dream home!

• Low cash investment only 3.5% down payment required of total loan amount based on FHA 1st, MIP, and 203(k) improvements.
• Owner occupied single-family homes, PUDs, condominiums, and manufactured homes
• Maximum loan amount varies by county, call for details
• Can be combined with an Energy Efficient Mortgage (EEM) for added energy enhancements
• Appraiser will determine “as-is” and “improved value”
• Upfront and Monthly Mortgage Insurance (MI)

FHA 203(k) Limited - up to $35,000 for rehab and upgrades

• 50% of funds dispersed at closing, and construction begins within 30 days
• Acceptable improvements include:
• Roof repair/replacement
• Purchase of appliances
• Minor renovations (no structural repairs)
• Painting
• Safety upgrades
• Replacement of windows & doors
• Replacement/upgrade of HVAC, plumbing and electrical systems

FHA 203(k) Standard - Finance up to the full county loan limit for purchase or refinance and repairs

• Up to 5 draws for funds (4 during rehab and 1 final)
• Acceptable improvements include:
• All improvements approved for the 203(k) Limited
• Structural alterations and reconstruction
• Changes for improved function or modernization (bathrooms, kitchens, attics and/or basements)
• Adds ons or remodels
• Energy Improvements
• Repair/Replace roofs, windows, siding, and more.