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FHA 203(K) Limited
DIFFERENT LOANS for DIFFERENT NEEDS
Whether you want to Purchase a Home to renovate OR renovate Your Current Home, we have a great loan program to meet the need.
LET’S DO IT TOGETHER!
FHA 203(k) Limited
Created for minor, non-structural renovations, the FHA 203(k) Limited allows borrowers to purchase or refinance and finance up to an additional $35,000 to renovate/improve the home before moving in. This program is designed to quickly allow you to improve the home to your specifications.
Below are a few features of the FHA 203(k) Limited program:
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Purchase or Refinance
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Only 3.5% Down Payment Required (purchase)
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Finance the after improvement value of the home – Up to 110% of future value!
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Reasonable credit qualifications
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Primary residences, 1-4 unit properties, PUDs, condos, and REO properties allowed
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Renovations limited to $35,000 or less
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Streamlined Process
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Renovations must be minor in nature and/or cosmetic improvements
RENOVATION LOAN COMPARISON
Single Family Home
(Primary Residence)
2-4 Unit Properties
(Primary Residence)
Condos
(Primary Residence)
Townhomes
(Primary Residence)
PUDs (Primary Residence)
REO's (Primary Residence)
X
X
"3.5% Minimum Down Payment
(Purchase)*"
"3.5% Minimum Down Payment
(Refinance)**
Home Equity Counts***"
"Allowed Gift Funds
(Down Payment & Cost)"
"Mortgage Amount Based on Lower of:
After Improvement Appraised Value, or
Sales Price + Renovation Cost"
Up to $35,000 Maximum Renovation Amount
"Allowable Renovations
Most Minor Renovations/Remodels
Way too many individual project types to list here, but most anything “non-major” in nature that adds value is ok."
Single Family Home
(Primary Residence)
2-4 Unit Properties
(Primary Residence)
Condos
(Primary Residence)
Townhomes
(Primary Residence)
PUDs (Primary Residence)
REO's (Primary Residence)
X
X
"3.5% Minimum Down Payment
(Purchase)*"
"3.5% Minimum Down Payment
(Refinance)**
Home Equity Counts***"
"Allowed Gift Funds
(Down Payment & Cost)"
"Mortgage Amount Based on Lower of:
After Improvement Appraised Value, or
Sales Price + Renovation Cost"
No Maximum Renovation Amount, as long as mortgage amount within county FHA loan limits
"Allowable Renovations
Most Anything
From major structural issues to new paint to whole room additions to landscaping, most any project type is acceptable.
Single Family Home
(Primary Residence)
2-4 Unit Properties
(Primary Residence)
Condos
(Primary Residence)
Townhomes
(Primary Residence)
PUDs (Primary Residence)
REO's (Primary Residence)
Second Homes (1 Unit)
Investment Properties
(1 Unit)
5% Primary Residence
10% 2nd Home/Inv. Prop.
5% Primary Residence
10% 2nd Home/Inv. Prop.
Gift Funds Allowed on primary residences, after minimum 3% down payment contribution
"Mortgage Amount Based on Lower of:
After Improvement Appraised Value, or
Sales Price + Renovation Cost"
Maximum Renovation Amount Up to 50%of the as completed value
"Allowable Renovations
Most Anything
From major structural issues to new paint to whole room additions to landscaping, most any project type is acceptable.