.png?47473656f3edf0a6eef7145af10df3ea)
FHA 203(k) Purchase & Renovation Loan
Buying and Renovating the House of Your Dreams with the FHA 30 Year Fixed 203K Purchase & Renovation Loan
Program Highlights:
-
- Only 3.5% Down Payment required
- Total Financing Amount is based on After Improved Value
- One Loan, One Closing and One Payment for both the Home Purchase + Renovation Costs
- Update a kitchen, build an addition or remodel the entire home
- Loan Amounts subject to maximum FHA County loan limits
- Project time can be allotted up to 6 months to complete
- Available for Purchase and Refinance
Fannie Mae HomeStyle® Renovation Mortgage
The Fannie Mae HomeStyle® Renovation Loans are great for homeowners who are looking to update their home.
Program Highlights:
-
- $424,100 Loan Limit
- This is a Conventional Fannie Mae Loan (with low interest rates)
- Only a 5% down payment for Owner Occupied
- This program will not delay your closing time! All work happens AFTER funding
- Add a Swimming pool
- Eligible Improvements include anything that is Permanently Affixed to the Property and Brings Value
- Cosmetic Improvements including Interiors, Kitchens, Baths, Flooring, and other remodeling
- Energy conservation improvements
- Structural Alterations such as Repair or Replacement of Structural Damage
- Additions to Structure and Finished Attics and/or Basements
- Eliminating health and safety hazards
- Changes for Improved Functions and Modernization
- Repairing or Adding Roofing, Gutters and Downspouts
- Landscaping, Grading, Repairing Patios and Terraces that Improve the Property
- Decks/Fences
- Rehabilitation or Improvements to a Detached Garage
- Add a New Detached Garage, or the Addition of an Attached Unit
Features:
-
- Improvements May Equal up to 50% of “After Improved” Value
- Loan to Value up to 95%
- Loan Amounts to $424,100
- 620 Minimum FICO Score
- Owner Occupied Primary, Second Homes, Investment Properties