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FHA 203(k)
Loans
If you’re considering a home in need of repair, there are many renovation products to choose from. With FHA 203(k) loans, you can fund both the home purchase and renovations under one mortgage.
There are two types of FHA 203(k) loans: Streamline (also known as Limited) or Standard. Scroll through this page to check out the differences between the two, and when you’re ready to take the next step, search for a loan officer or branch near you.
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FHA 203(k) Standard:
- Minimum Repair Amount: $5,000
- No Maximum Repair Amount
- Renovation Duration: 6 Months from Closing
- Swimming Pool Construction
- Repairs or removal of an existing inground pool is allowed
- Structural & Non-Structural Repair
FHA 203(k) Limited:
- No Minimum Repair Amount
- Maximum Repair Amount: $35,000 including rehabilitation fees
- Renovation Duration: 6 Months from Closing
- Swimming Pool Construction
- Repairs or removal of an existing inground pool is allowed
- Non-Structural Repair Only
CAN BE USED FOR:
- Improving curb appeal or home’s appearance
- Installing or repairing roofing or flooring
- Fixing health and safety hazards
- Fixing plumbing/waste systems
- Improving accessibility or functionality
- Landscaping & groundwork
- Repairs to gutters or ground spouts
BENEFITS
- Lower down payment and credit score requirements
- Temporary housing can be provided while repairs take place
- Competitive interest rates
PROPERTY TYPES:
- Attached or detached single-family residences
- Condos
- Planned Unit Developments (PUDs)
- 2-4 unit properties
- Manufactured homes
RESIDENCY TYPES:
- Primary Only
LOAN TYPES:
- First-Time Homebuyer
- Purchase
- Refinance
- Renovation
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