203k Rehab Loans
These programs are specifically designed for those who wish to repair, improve, or upgrade an owner-occupied home they own or would like to buy.
About the FHA 203(K)
The FHA 203(k) allows homeowners to finance rehab costs within a single mortgage – rather than having to obtain a separate loan to finance the cost of repairs or walking away from a home because you don’t have the cash for home improvements.
We currently offer this owner-occupied financing on one-unit and two-unit properties.
Standard 203(K)
The Standard 203(k) may be used to purchase or refinance a home that needs remodeling and/or structural repairs. There is a minimum rehabilitation cost of $5,000 and the use of a 203(k) consultant is required.
Max completion time: 180 days (6 months)
Landscaping and hardscaping allowed
$5K minimum and no max repair amount
Structural changes are allowed
Limited 203(K)
The Limited 203(k) may be used to purchase or refinance a home that needs minor remodeling and non-structural repairs not exceeding $35,000. The use of a 203(k) consultant is not required and there is no minimum rehabilitation cost.
Minor remodeling
HUD consultant is not required
Max completion time: 90 days (3 months)
No min and up to $35K in total renovations
HomeStyle Renovation Loans
This program is for borrowers who need financing to purchase a less-than-perfect fixer-upper or refinance their existing mortgage and renovate their current home with a single-close first mortgage.
The loan amount is based on the “as-completed” value of the home. This allows the opportunity to do more renovations based on a future value. We currently offer this owner-occupied financing on one-two unit single-family primary homes.
Complete home remodel
Repairs affecting habitability
Structural changes are allowed
Max completion time: 180 days (6 months)
No minimum on repairs
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