First World Mortgage Corporation

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FREE HOMEBUYER'S GUIDE!

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FHA 203k: Home Renovation Loan
The FHA 203k is offered by the Federal Housing Administration, which enables homebuyers to buy and fix-up a property with as little as a 3.5% down payment.  Rather than buying a home and then using their own cash for improvements, homebuyers can finance repairs and improvements into the mortgage loan.

When considering using this incredible renovation loan, it’s important to know there are two versions: the “streamlined” version, and the “full” version. Which version you will need depends on the total dollar amount you need for improvements and repairs, and the type of repairs and upgrades you will be doing.FHA-203k-before-and-after

FHA 203k Loan Benefits:

  • Buy a decent home, and turn it into the right home for you and your family.
  • Finance the improvements, instead of using your own savings.
  • Increase the value of the home, with the potential of reselling the home for much more.
  • Interest rates and payments are often lower than rates of conventional loans.
  • Flexible qualification criteria compared to some other loan types.

Top Considerations When Using the FHA 203k:

  1. Think as an investor for future resale. Having a grandiose house in a depressed neighborhood can pose challenges if you resell your home in the future.
  2. Know which version is right for you: Streamlined vs. Full. The streamlined version (outlined in the table below) has limitations on the type of improvements that can be done, and the dollar amount of work to be done. The full version enables you to complete more complex projects with a much higher amount of work to be financed.
  3. This is a complex loan in comparison with regular FHA loans, or Conventional loan programs. Choose an experienced mortgage lender and loan officer who regularly closes these loans. Working with experienced professionals ensures that you:
  • Get pre-approved accurately up front, so there are no surprises later in the process.
  • Have a smooth process with minimal stress.
  • Prevent needless delays that can waste your time and money.
  • Close by your contract date.

The following table gives a general overview of both versions. However, consult with a licensed Loan Officer for a comprehensive comparison and to get pre-approved.
Download the full comparison chart here:download

.

FHA 203K “STREAMLINE”

FHA 203k “FULL”


Max amount for improvements.
Up to $35,000 in non-structural renovations
Up to FHA loan limit for that county*


Eligible Property Types
• Single Family Residences.
• Condos.
• Townhouses.
• 1-4 Unit Properties.
• HUD Repossessions (single unit properties only).
• Single Family Residences.
• Condos.
• Townhouses.
• 1-4 Unit Properties.
• HUD Repossessions (single unit properties only).

Eligible Improvements and Repairs
• Kitchen Remodeling*

• Flooring, exterior and interior painting.

• Roofs, gutters and downspouts.

• Heating & air conditioning systems.

• Replacement of window and doors and exterior wall re-siding.

• Appliances: refrigerators, washers and dryers, dishwashers and microwaves.

• Replacement/addition of exterior decks, patios, & porches.

…and MUCH MORE!

•Same as “Streamline” version, and…

• Full Kitchen Rehabs.

• Structural repairs.

• Additions.

• Major mold remediation.

• Full electrical and plumbing systems.

• Convert a 1-unit dwelling into a 2,3 or 4 unit property.

• Convert a 2-4 unit property into a 1-unit.

…and MUCH MORE!

*The total purchase price of the home plus repairs cannot exceed the FHA loan limit for the county in which you are purchasing the home.

To learn more about which version of the FHA 203k home loan is right for your, CLICK HERE to request your FREE consultation. Or, call us at (860) 236-LOAN to speak with a Loan Officer.

Complete the form below to receive a rate quote within minutes!
(No social security number required).

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Licensed Mortgage Lender | Company NMLS ID #2643

First World Mortgage Corporation
127 Prospect Avenue
West Hartford, CT 06106

Direct: (860) 233-LOAN

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First World Mortgage Corporation

First World Mortgage Corporation

  • Get Pre-Approved
  • APPLY NOW
  • LOAN TYPES
    • BUY A HOME
      • FHA 203k Renovation
      • FHA Loan
      • Conventional Loans
      • USDA Loans
      • CHFA Loan CT
      • VA Loans
      • Back
    • REFINANCE
    • Back
  • HomeBuyer University
  • LOAN OFFICERS
  • PARTNER PORTAL
  • BLOG
  • ABOUT US
    • Locations
      • West Hartford, CT (Home Office)
      • Avon, CT
      • Chicopee, MA
      • Glastonbury, CT
      • Orange, CT
      • Wisconsin
      • Southington, CT
      • Torrington, CT
      • Windsor, CT
      • Back
    • Why Us?
    • About Us
    • Careers
    • State Licenses
    • Terms of Use
    • Privacy Policy
    • Back