Powered By CincinnatiMLS.biz & DaytonMLS.biz
Home Contact Us Our Blog

FHA 203k / Home Renovation

Purchase and Rehab with ONE loan and ONE closing

FHA HOME RENOVATION LOAN PROGRAM (203KS)
Also available for Refinancing of existing owner occupied Properties


Example of a 203K Streamline
Household improvement up to a maximum of $35,000. Home purchase with 3% Down

HUD has defined eligible renovation as:

OWNER OCCUPIED PROPERTIES ONLY

 

· Repair/Replacement roofs, gutters, and downspouts

· Repair/Replacement/Upgrade of existing HV AC systems

· Repair/Replacement/Upgrade of plumbing and electrical systems

· Repair/Replacement of existing flooring

· Minor remodeling such as kitchens, which does not involve structural repairs

· Exterior and interior painting

· Weatherization: including storm windows and doors, insulation, weather stripping, etc.

· Appliances - Purchase and installation are included. Appliances may include free-standing ranges, refrigerators, washers/dryers, dishwashers, and microwaves

· Lead-based paint stabilization or abatement of lead-based paint hazards

· Repair/Replace/Add exterior decks, patios, porches

· Basement finishing and remodeling, which does not involve structural repairs

· Basement waterproofing

· Window and door replacements and exterior wall re-siding

· Septic system and/or well repair or replacement

· Improvements for accessibility for persons with disabilities

· For lead-based paint stabilization costs above and beyond that paid for by HUD when it sells real estate owned (REO)

HUD has defined Ineligible Renovation as:

· Major rehabilitation or major remodeling, such as the relocation of a load bearing wall

· New construction (including room additions)

· Repair of structural damage

· Repairs requiring detailed drawings or architectural exhibits

· Landscaping or similar site amenity improvements

· Any repair or improvement requiring a work schedule longer than six (6) months

· Rehabilitation activities that require more than two (2) payments per specialized contractor

Additional Types of Home Renovation Products

203K

203KS

Fannie Mae Home Style

Links

HUD 203K
http://www.hud.gov/offices/hsg/sfh/203k/203kmenu.cfm
Fannie Mae HomeStyle
https://www.efanniemae.com/sf/mortgageproducts/pdf/mphomestylerenovaconsumer.pdf

 

 

Today's Rates

Mtg Loan Rate APR
30-yr Fixed 3.94% 4.07%
15-yr Fixed 3.36% 3.54%
1-yr Adj 2.75% 3.41%
* national averages