An FHA 203k renovation loan provides borrowers with a financing solution that combines the purchase of a home with the cost of improvements and repairs. Several type of loans are available and a consultant is required for most of them.
General FHA 203k Highlights
There are two (2) 203K loan types, streamlined 203k loan (or limited) and a Full 203k.
On a streamline 203k loan there is no consultant required (but you can still opt to use one), the limit of the renovation is $35,000 and you cannot preform any renovation that involve architectural design changes, structural work etc.
The Full 203K is intended for more involved projects that involve structural changes to the home that would prevent owners from occupying the home. This option is also used if engineering or architectural drawings and inspections are required.
Repair Amounts for a 203K can start as little as $5,000 and range up to the national limit set for your specific location.
Our professionals can help you obtain everything you need to secure the needed financing for your project.
A Homestyle Renovation loan is flexible program for conventional renovation that enables borrowers to buy a home in almost any condition. It can be used for primary occupant, second home and even investors.
Homestyle can be used on any home, not just FNMA properties.
A HomeStyle Renovation loan allows buyers to make home improvements based on the “after-repair” value of a property, eliminating the need for a 2nd mortgage, home equity line of credit or other expensive financing. Homestyle can also alleviate the need for curing property conditions that may prevent financing in the first place.
Financing properties in “as in condition” and repair after closing can be made easier with this type of loan.
Borrowed funds can be applied to any renovations or repairs that are permanent fixtures and increase the value of the property.
Home buyers, investors, second home and vacation occupants are all eligible to apply.
The Homestyle renovation loan is perfect for renovating properties with poor conditions that make them ineligible for conventional financing. Such conditions might include and safety or health hazards, and practically any livability issues the homeowner would like to upgrade. Improvements could encompass such things as floor coverings and other finishes, along with new appliances for the dwelling.
There are no limits on the dollar amount for repairs with a HomeStyle Renovation Loan, and there are no exclusions for luxury options such as tennis courts, outdoor kitchens or swimming pools. The renovations can be structural or increase the footprint of the home’s dimensions. This loan type can be applied to any home, not just foreclosed properties.
Some key benefits are:
Renovation Consultation Services by SPIS
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