Renovation Loans are used to purchase or refinance a home in need of repairs. The cost of the repairs is bundled into the mortgage, making it simpler and easier to pay for needed home rehabilitation
Homes that are in need of more than just a few minor fixes. These homes may need big renovations or structural repairs such as a new roof, etc.
Or those that were in foreclosure or short sales that
may have been neglected and in need of repairs
Homes that have been around a while and need some updating are good candidates for renovation loans.
Owners of older homes can use these loans to make the home more livable
by adding more space, replacing outdated carpeting, installing energy efficient doors and windows etc.
If you want to install a wheelchair ramp, grab bars, lower counter tops or a wheelchair accessible shower, a renovation loan could be a good option. This could be used on a new home in need of these features, or it could be
used on a home you already own through a refinance renovation loan.
Eligible properties include 1 – 4 unit primary residences.
FHA FULL 203(k)
• Total renovation costs must be at least $5,000.
• HUD consultant required
FHA LIMITED 203(k)
• Cost of work cannot exceed 35,000 – There are no minimum repair costs
• No HUD consultant
• 620 minimum qualifying score for all
• Available for purchase and refinance.
• No down payment
• No minimum renovation cost
• Cosmetic and non-structural repairs
• HUD consultant required for all renovation
projects exceeding $50,000
HOW THIS PROGRAM DIFFERENT?
• Eligible properties include 1 - 4 unit primary, 1 unit second homes and investment properties.
• Luxury items such as pools are eligible
• For primary residences, 1 unit second homes, 1 unit investment properties,
• No minimum dollar amount required
for repairs. HUD consultant required >$35,000
Copyright © ENCORE FINANCIAL CORP. - All Rights Reserved. | This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). Not endorsed or sponsored by the Dept. of Veteran Affairs or and government agency.
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