Keller Williams Realty
6408 Grovedale Drive, Suite#101
FHA 203K Renovation Loan
Learn why renovation lending is important in today’s real estate market.
What is a FHA 203K renovation loan?
Understand the differences between a Streamline FHA 203K loan and Full FHA 203K loan.
Learn the eligible renovations and allowable repairs such as roof, gutters, down spouts, energy efficient items, hvac systems, hot water heaters, foundations, interior paint, exterior paint, waterproof basements, kitchen remodel, bathroom remodel and more. Renovation lending for homebuyers and homeowners. Renovate your next home purchase or renovate your current home.
Quick Facts about FHA 203K Renovation Loans:
3.5% Down Payment
Washington Metro Area Maximum Loan Amount $625,500
Repairs & Renovation Costs - up to $35,000 for Streamline 203K Loan
Repairs & Renovation Costs – $5,000 to No Limit for Full 203K Loan
First Time Home Buyers & Repeat Buyers Eligible
Higher interest rate than standard FHA 203b loan
Use the renovation loan for purchase or refinance (no cash out)
Structural Improvements Allowed
Luxury Improvements NOT Allowed
Required FHA 203k Improvements
Additions to existing structure
Rehabilitation of existing structure (weather-stripping, caulking, insulation, etc)
Replacement systems (heating, ventilating, and air conditioning systems)
Eligible FHA 203k Improvements
Elimination of health and safety hazards
Structural alterations and reconstruction
Changes for improved functions and modernization
Changes for aesthetic appeal
Reconditioning or replacement of plumbing, heating, air conditioning & electrical systems