FHA 203(k) Purchase & Renovation Loan:
Buying and Renovating the House of Your Dreams with the FHA 30 Year Fixed 203K Purchase & Renovation Loan
Program Highlights:
Fannie Mae HomeStyle® Renovation Mortgage:
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Only 3.5% Down Payment required
Total Financing Amount is based on After Improved Value
One Loan, One Closing and One Payment for both the Home Purchase + Renovation Costs
Update a kitchen, build an addition or remodel the entire home
Loan Amounts subject to maximum FHA County loan limits
Project time can be allotted up to 6 months to complete
Available for Purchase and Refinance
The Fannie Mae HomeStyle® Renovation Loans are great for homeowners who are looking to update their home.
Program Highlights:
Features:
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$424,100 Loan Limit
This is a Conventional Fannie Mae Loan (with low interest rates)
Only a 5% down payment for Owner Occupied
This program will not delay your closing time! All work happens AFTER funding
Add a Swimming pool
Eligible Improvements include anything that is Permanently Affixed to the Property and Brings Value
Cosmetic Improvements including Interiors, Kitchens, Baths, Flooring, and other remodeling
Energy conservation improvements
Structural Alterations such as Repair or Replacement of Structural Damage
Additions to Structure and Finished Attics and/or Basements
Eliminating health and safety hazards
Changes for Improved Functions and Modernization
Repairing or Adding Roofing, Gutters and Downspouts
Landscaping, Grading, Repairing Patios and Terraces that Improve the Property
Decks/Fences
Rehabilitation or Improvements to a Detached Garage
Add a New Detached Garage, or the Addition of an Attached Unit
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Improvements May Equal up to 50% of “After Improved” Value
Loan to Value up to 95%
Loan Amounts to $424,100
620 Minimum FICO Score
Owner Occupied Primary, Second Homes, Investment Properties