Designed for larger projects, a 203K Full (Standard) Renovation Loan allows the repair of structural issues, alterations, and other types of major renovations. This full version is required if the renovation will include over $35,000.00 in total costs associated with the rehab or structural work that is being completed, such as a room addition. A 203K HUD Consultant is needed when using the full version of the FHA 203K loan.
The 203K requires a down payment of 3.5% of the purchase price plus total repair cost. This applies to both streamline and full 203k with a FHA 203K Loan, the maximum loan amount you can borrow is the same max county limit as all other FHA Loans. Ask
The FHA 203K Loan is a government-insured loan that allows you to buy a home that’s in need of major repairs and/or renovations. The repairs can be structural and/or cosmetic in nature. An important benefit is you can buy a home and complete the repairs using just this loan. This loan offers fixed rates with only a 3.5% down payment required. The home must be your primary residence. The FHA 203K is also available for refinance transactions.
Refinancing or buying a home requiring structural repairs or major renovation
Build a detached or attached garage
Tear-downs as long as the original foundation remains. Great option for properties damaged by fire. Or to completely rebuild without incurring the additional cost of a construction loan.
An existing home that is being moved to a new foundation
Contact Your Renovation Loan Specialist for more information
Low down payment requirement on new home purchase
Fewer costs by rolling repair and purchase/refinancing expenses into a single loan