There are two types of 203(k) loans: a streamlined version and a regular version.
The streamlined 203(k) program is meant for homes that don't need structural repairs. These loans are capped at a maximum of $35,000 in repairs. No minimum amount of repairs must be made.
Regular 203(k) loans are given for homes requiring more complicated construction projects like structural changes, room additions, or renovations that would prohibit you from living in the house while work is done. This will also include an architectural drawings and inspections.
Here’s What You Can Do
Purchase a home and the land where the dwelling is located and remodel it
Purchase a home originally on another site, move it onto a new foundation on the newly mortgaged property and remodel it
Refinance an existing mortgage and repair or remodel it
The HomeStyle Renovation mortgage enables a borrower to obtain a purchase transaction mortgage or a limited cash-out refinance mortgage and receive funds to cover the costs of repairs, remodeling, renovations or energy efficient improvements to the property.
Purchase or refinance & remodel
95% finanancing for for primary, single-family residences (90% for second homes)
3% seller contribution allowed
Cosmetic and structural renovations allowed
Allowable improvements can include landscaping, appliances, swimming pools and more
If you feel that a Rehab loan will fit you best, contact us and speak with a Financial Equities loan officer. We will be happy to walk you through the application process. Call 800-924-6336 or click the "apply now" icon to start now.