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RENOVATION LOAN OPTIONS

FHA 203(k) Standard & Limited
Movement requires a minimum 580 credit score on all FHA loans
Minimum reno amount of $5,000 required, no maximum amount
203k self-help and contractors related to the borrower are not allowed
Manufactured and on-frame modular homes are not allowed

203k Standard covers many “major” repairs, such as structural repairs, moving or altering a load-bearing wall, or even knocking the house down to rebuild it as long as you leave part of the existing foundation in tact.

203k Limited covers a max of $35, 000 toward repairs. This loan type is intended for less intensive changes or updates such as roof repair, replacement of HVAC, flooring or minor remodeling work.

HomeStyle® Renovation Mortgage
Include renovation costs in one loan to purchase or refinance.
No minimum renovation cost required
Maximum renovation cost is 50% of the “as completed” appraised value of the property

HomeStyle® for Investors
An investment-specific loan covering single unit properties with all renovation work allowed, including luxury additions, and a minimum downpayment of 15%. Investment property purchases go up to 85% LTV with optimal FICO at 620 or above.

 
 
James Ricks