FHA 203k Loan

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.

Getting started is easy. We offer very competitive rates, have great service, and always close on time.

Licensing

Company NMLS #1885405
Agent NMLS #1634913
Licensed in ME, NH, RI and FL

Equal Housing Lender

Contact Us

Maine Mortgage Solutions LLC
114 Holmes Road
Scarborough, ME 04074