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.