FHA 203(k) Full & Streamline Loan
Purchase and Rehab up to $35,000 all in one loan:
- Low cash investment only 3.5% of total loan amount based on FHA 1st, MIP, and 203(k) improvements.
- 640 minimum FICO required
- Owner occupied single-family homes, PUDs, condominiums, and manufactured homes
- Maximum loan amount $417,000 (varies by county, call for details)
- Can be combined with an Energy Efficient Mortgage (EEM)
- Appraiser will determine “as-is” and “improved value”
- 50% of funds dispersed at closing, and construction begins within 30 days
- Up to $35,000 above purchase price, acceptable improvements include:
- Roof repair/replacement
- Purchase of appliances
- Minor renovations
- Painting
- Safety upgrades
- Replacement of windows & doors