FHA 203k Renovation Loan
Available for purchases and refinances
- An FHA 203k loan sometimes called a Rehab Loan or FHA Construction loan.
- Finance the house itself and include needed or wanted repairs.
- A Full 203k loan covers major renovations like structural work, roofs, and full construction for projects adding up to over $35,000 in repairs.
- The lender tracks and verifies repairs, so it is willing to approve a loan on a home in less than perfect condition.
- You will be required to use a licensed General Contractor for this loan.
- Can purchase 1-4 unit properties using the FHA 203k loan (higher down payment requirements usually apply to 3-4 unit properties).
Limited FHA 203k Streamline Renovation Loan
- The Limited FHA 203k Streamline is for non-structural repairs that equal $35,000 and less.
- This loan is usually best for cosmetic repairs (flooring, cabinets, paint, countertops, etc).
