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FHA LIMITED 203K
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FHA 203K CONSULTANTS
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Home
Programs
FHA LIMITED 203K
FHA STANDARD 203K
FANNIE MAE HOMESTYLE
THE VA RENOVATION LOAN
Jumbo Renovation
Process
Navigating a transaction
CONTRACTORS
REALTORS
FHA 203K CONSULTANTS
Minimum Property Standards
Eligible Properties
FAQ
The ER Blog
Contact Us
FHA STANDARD 203K
The Renovation Mortgage Process Revealed
GENERAL PROGRAM GUIDELINES
Both Purchase & Refinance Allowed
Refinances require 2 appraisals (As Is & After Improved Value)
This loan allows a customer to finance the purchase price or the existing balance and the cost of improvements into the loan amount.
Loan amount is determined by using the after improved value of the property.
Can lend up to 110% of after improved value up to FHA allowed loan limits (Minimum required down payment 3.5%)
One-time close fully amortized loan program.
All Renovations are completed after closing by buyer/homeowner selected Contractor.
Renovation funds are held in a Fully Funded Interest Bearing Escrow Account and disbursed as work is completed
Completed work & Inspections required prior to draw payments to Contractor (Maximum 5 Draws)
1-4 units and mixed use properties, Owner occupied only.
Buyer/homeowner desired repairs allowed; Livability, Health, Safety, and Structural repairs required (Luxury items are allowed)
Minimum 10-20% contingency required for additional health and safety issues
$5,000 minimum renovation budget required
HUD/203k Consultant Inspector required
Work must begin within 30 days of closing and must typically be completed within 6-9 months depending on amount of budget
All properties must be at least 1 year old and have been completed at one time
Up to 6 months payments may be financed in the loan
General Program Guidelines
FHA Limited 203k
Both Purchase & Refinance Allowed
Refinances require 2 appraisals (As Is & After Improved Value)
Submit Inquiry
FHA Standard 203k
Both Purchase & Refinance Allowed
Refinances require 2 appraisals (As Is & After Improved Value)
Submit Inquiry
Fannie Mae HomeStyle
Can lend up to 95% of after improved value up to Conforming loan limits
1-4 units properties allowed
Submit Inquiry
THE VA RENOVATION LOAN
Newest Renovation Loan Program in the Market
Purchase & Refinance allowed
Submit Inquiry
JUMBO RENOVATION
Available programs in this category would be specific to properties that require loan amounts over $424,100.00 as of 2017
Submit Inquiry
Our Motto is The Renovation Mortgage Process Revealed
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