The FHA 203k is a renovation loan program that provides funds for both the purchase and renovation of a home. There are two types of an FHA 203k loan. The first is normal 203k, which is given for properties that need structural repairs such as a new roof or a room addition. The second is the streamlined 203k, which is given for non-structural repairs such as painting and new appliances. The minimum Loan Amount is $5000.
FHA 203(k) Standard:
Our Standard program allows structural changes, landscaping, and hardscaping. It offers a $5k minimum renovation amount with no maximum, and projects must be completed within 180 days. Manufactured homes are allowed. A HUD consultant is required.
FHA 203(k) Limited:
Our Limited program is perfect for your borrowers' more minor remodeling and renovation projects. It offers a $35k maximum renovation amount with no minimum, and projects must be completed within 180 days. Manufactured homes are allowed. Landscaping and hardscaping are not allowed. A HUD consultant is not required.