(888) 594-5799
Do those walls have more dings and botched repair work than a ’83 Buick? How about that groovy 70s paneling? You can bring those walls into the present.
CHECK OUT THE PROJECT TYPES PAGE
TO LEARN ABOUT ADDITIONAL WAYS YOU CAN
TURN THAT HOUSE INTO A HOME
RENOVATION LOAN COMPARISON
FHA 203(k): Limited
Single Family Home
(Primary Residence)
(Primary Residence)
2-4 Unit Properties
(Primary Residence)
(Primary Residence)
Condos
(Primary Residence)
(Primary Residence)
Townhomes
(Primary Residence)
(Primary Residence)
PUDs (Primary Residence)
REO's (Primary Residence)
X
X
"3.5% Minimum Down Payment
(Purchase)*"
(Purchase)*"
"3.5% Minimum Down Payment
(Refinance)**
Home Equity Counts***"
(Refinance)**
Home Equity Counts***"
"Allowed Gift Funds
(Down Payment & Cost)"
(Down Payment & Cost)"
"Mortgage Amount Based on Lower of:
After Improvement Appraised Value, or
Sales Price + Renovation Cost"
After Improvement Appraised Value, or
Sales Price + Renovation Cost"
Up to $35,000 Maximum Renovation Amount
"Allowable Renovations
Most Minor Renovations/Remodels
Way too many individual project types to list here, but most anything “non-major” in nature that adds value is ok."
Most Minor Renovations/Remodels
Way too many individual project types to list here, but most anything “non-major” in nature that adds value is ok."
FHA 203(k): Standard
Single Family Home
(Primary Residence)
(Primary Residence)
2-4 Unit Properties
(Primary Residence)
(Primary Residence)
Condos
(Primary Residence)
(Primary Residence)
Townhomes
(Primary Residence)
(Primary Residence)
PUDs (Primary Residence)
REO's (Primary Residence)
X
X
"3.5% Minimum Down Payment
(Purchase)*"
(Purchase)*"
"3.5% Minimum Down Payment
(Refinance)**
Home Equity Counts***"
(Refinance)**
Home Equity Counts***"
"Allowed Gift Funds
(Down Payment & Cost)"
(Down Payment & Cost)"
"Mortgage Amount Based on Lower of:
After Improvement Appraised Value, or
Sales Price + Renovation Cost"
After Improvement Appraised Value, or
Sales Price + Renovation Cost"
No Maximum Renovation Amount, as long as mortgage amount within county FHA loan limits
Allowable Renovations
Most Anything
From major structural issues to new paint to whole room additions to landscaping, most any project type is acceptable.
Most Anything
From major structural issues to new paint to whole room additions to landscaping, most any project type is acceptable.
FNMA HomeStyle
Single Family Home
(Primary Residence)
(Primary Residence)
2-4 Unit Properties
(Primary Residence)
(Primary Residence)
Condos
(Primary Residence)
(Primary Residence)
Townhomes
(Primary Residence)
(Primary Residence)
PUDs (Primary Residence)
REO's (Primary Residence)
Second Homes (1 Unit)
Investment Properties
(1 Unit)
(1 Unit)
5% Primary Residence
10% 2nd Home/Inv. Prop.
10% 2nd Home/Inv. Prop.
5% Primary Residence
10% 2nd Home/Inv. Prop.
10% 2nd Home/Inv. Prop.
Gift Funds Allowed on primary residences, after minimum 3% down payment contribution
Mortgage Amount Based on Lower of:
After Improvement Appraised Value, or
Sales Price + Renovation Cost
After Improvement Appraised Value, or
Sales Price + Renovation Cost
Maximum Renovation Amount Up to 50% of the as completed value
Allowable Renovations
Most Anything
From major structural issues to new paint to whole room additions to landscaping, most any project type is acceptable.
Most Anything
From major structural issues to new paint to whole room additions to landscaping, most any project type is acceptable.
* Purchase down payment percentage is relevant to home sale price, plus renovation costs.
** Refinance down payment percentage is relevant to mortgage balance, plus renovation costs.
*** Available home equity is “after improvement” appraised value, minus mortgage balance, minus renovation costs.
**** All Renovations must be approved.
(888) 594-5799