203 K Rehab loan specifications
REHAB LOANS
3 Types
Streamline 203k FHA - <$35,000
Full 203k FHA – Structural & Landscaping
Conventional- <$417,000 and Investor
STREAMLINE
- Total loan amount cannot exceed $271,050
- Non Structural improvements
- 3.5% down on purchase + Rehab costs
- Must be complete within 6 months
- Must Start within 1 month of closing
- Down payment can be a gift
- Easier Qualification ( 600 middle credit score)
- Owner-occupied only
- 1- 4 Units
- Energy Efficient can be added above $35,000
- .375% higher Interest rate than FHA mtg
- 45-60 days processing
- Special Deal with Lowes
- Good for first time homebuyers
- Appliances can be purchased
- Allowable Repairs
- Mold Remediation, Inspection Problems,
- New Kitchen, Bath, Game Room, Basement
- Paint, Wallpaper, Flooring, Roof, Gutters
- Any Cosmetic Repairs non structural
FULL 203k FHA
- Add a room
- Do Landscaping
- Anything you need a Engineer or Architect
- 60 day processing
- Requires a HUD Inspector
- Total loan amount cannot exceed $271,050
- 2-4 unit higher loan amounts
- Can finance mortgage payments
- 3.5% down
CONVENTIONAL REHAB
- Needs an inspector
- Investor 20% down
- Investor Credit score 680
- Owner-occupied 5% down
- Owner-occupant Credit score 660
- 1 unit loan amount $417,000
- 1-4 unit available
