Streamline and Full FHA 203(k) Loan Programs

Take advantage of “All-In-One” financing; with the 203(k), borrower can roll the costs of financing and rehabilitating a home into a single mortgage

ü  Simplified process

ü  Purchase transaction, down payment as low as 3.5%

ü  Refinance transaction, up to 97.75% of the after improved Value

ü  Decision Fico Score as low as 520

ü  Eligible Properties; 1-4 unit properties, condos (interior only), Town Houses

 
Streamline 203(k) 

  1. Up to $35k in repairs with no minimum
    1. Repair/Replacement/Upgrade of:
  • roofs, gutters and downspouts
  • existing HVAC systems 
  • Plumbing and electrical systems 
  • Flooring
  • Minor remodeling
  • Painting, both exterior and interior
 
Full 203(k) 

  • No maximum repair amount
  • Escrowing up to 6 months of PITI during rehab 
  • Conversion of single family dwelling to a two, three or four family dwelling
  • Conversion of a multi-unit dwelling to a one to four family dwelling

Contact us today to learn more about the 203(k) and which 203(k) product is best for which borrower.