FHA 203B (Standard FHA Loan)
- Purchase or Refinance
- Primary Residence
- 1-4 Unit Properties
- Single Family detached, town homes, manufactured homes eligible
- Condos eligible if condo FHA approved CLICK HERE
- Loan amount for your county CLICK HERE
- 3.5% down based on lower of Sales Price or Appraisal
- Co-Signers allowed
- Seller can Pay up to 6% of sales price to buyer’s closing costs
- Gift Funds Allowed
- Full Documentation Required GIFT DOCUMENTATION REQUIREMENTS CLICK HERE
- Assumable Loan
Fannie Mae Homestyle® Renovation Loan
- Purchase or Refinance
- Property CLOSES AS-IS and all work completed after closing
- Primary residence with 5% down
- Second Home with 10 % down
- Investment property with 25% down
- 1 and 2 unit properties only (2 units require 20-25% down)
- Single Family Detached, Townhomes eligible
- Condos must meet Fannie Mae Guidelines
- All repairs allowed
- Loan amounts to $417,000
- Code liens and open permits OK
- Move a home
- Structural repairs allowed
- Major Renovations Allowed
- Well and Septic Repairs Allowed
- LIST OF ELIGIBLE REPAIRS CLICK HERE
- NO LIMIT TO REPAIRS
- Work must be completed in 6 months from closing
- All work must be done by ONE LICENSED GENERAL CONTRACTOR
- Progress Payments to Contractor (Based on work completed) no advances to GC
- FHA 203k INSPECTOR (HUD APPROVAL REQUIRED) CLICK HERE
- Pool Repairs Allowed and POOL CAN BE ADDED!
- Fencing, termite treatment and repairs allowed
- Landscaping and irrigation allowed
- Driveways allowed
FHA 203k Renovation Loan “FULL” (203k Full)
- Purchase or Refinance
- Property CLOSES AS-IS and all work completed after closing
- Primary Residence
- 1-4 Unit Properties
- Can be used to convert to 1,2,4 or 4 unit property
- Single family detached, townhomes, manufactured homes eligible
- Mixed use properties
- Condos ARE NOT ELIGIBLE
- Loan amount for your county CLICK HERE
- 3.5% down based on SALES PRICE + IMPROVEMENTS
- Co-Signers Allowed
- Gift Funds Allowed GIFT DOCUMENTATION REQUIREMENTS CLICK HERE
- Assumable Loan
- Illegal additions can be corrected
- Code liens and open permits OK
- Move a home
- Structural repairs allowed
- Major Renovations Allowed
- Well and Septic Repairs Allowed
- LIST OF ELIGIBLE REPAIRS CLICK HERE
- NO LIMIT TO REPAIRS
- Work must be completed in 6 months from closing
- All work must be done by ONE LICENSED GENERAL CONTRACTOR
- Progress Payments to Contractor (Based on work completed) no advances to GC
- FHA 203k INSPECTOR (HUD APPROVAL REQUIRED) CLICK HERE
- Pool Repairs Allowed up to $1500 (Buyer can fund additional if required)
- Fencing, termite treatment and repairs allowed
- Landscaping and irrigation allowed
- Driveways allowed
- Decks allowed
- Room Additions, bedrooms and bathrooms can be added
- Finance 1-6 payments into loan if needed
FHA 203k Renovation Loan “Streamline” (203k Streamline)
- Purchase or Refinance
- Property CLOSES AS-IS and all work completed after closing
- Primary Residence
- 1 and 2 unit properties
- Single family detached, townhomes eligible
- Condos ARE NOT ELIGIBLE
- Loan amount for your county CLICK HERE
- 3.5% down based on SALES PRICE + IMPROVEMENTS
- Gift Funds Allowed GIFT DOCUMENTATION REQUIREMENTS CLICK HERE
- Assumable Loan
- Very limited and specific repairs allowed
- Structural repairs NOT allowed
- Major Renovations NOT Allowed
- Well and Septic Repairs NOT Allowed
- Maximum $35,000 in REPAIR ESCROW (Total repairs limited to $28k-$30k +contingency reserve)
- All work must be done by ONE LICENSED GENERAL CONTRACTOR
- 50% advance to contractor 50% at completion
- FHA 203k INSPECTOR NOT REQUIRED BUT HIGHLY SUGGESTED (HUD APPROVAL REQUIRED) CLICK HERE
- NO POOL REPAIRS ALLOWED (Pool and equipment must be working properly)
- NO Fencing, termite treatment and repairs allowed
- NO Landscaping and irrigation allowed
- NO Driveways improvements allowed
- NO Deck improvements allowed
- No Wood Repairs or Wall Repairs/Movement allowed
- NO Room Additions, bath additions or structural changes ALLOWED
- All work must be completed in 30 days