FHA 203(k) Limited Rehab Loan: Affordable Renovation Funding Made Easy
The FHA 203(k) Limited Rehab Loan offers an accessible solution for minor home improvements and repairs, ideal for enhancing the value and comfort of your property. This loan is perfect for borrowers seeking quick, affordable upgrades without major structural changes.
Key Details:
- Maximum Loan Amount: Up to $35,000 for approved renovations.
- Loan-to-Value (LTV) Limit: 96.5% for purchase and 97.75% for refinancing.
- Example: For a $265,000 home purchase, you can access a maximum 203(k) loan of $313,625, covering both purchase and renovation costs.
Eligibility: 580+ FICO Score
Transform Your Home and Community
The FHA 203(k) loan isn’t just for homeowners—it’s a powerful tool for real estate agents, contractors, and local government officials committed to enhancing their communities. Here's how:
Homebuyers
- Upgrade with Ease: Improve your home’s comfort and value without straining your budget.
- Instant Solutions: Address property issues immediately and enjoy a move-in ready home.
Homeowners
- Expand Possibilities: Renovate or remodel with financial ease, creating the home of your dreams.
- Sustainable Savings: Manage improvements without dipping into your savings.
Real Estate Agents
- Boost Listings: Turn hard-to-sell homes into attractive listings with affordable renovation options.
- Drive Sales: Help buyers envision the possibilities, leading to faster sales and satisfied clients.
Contractors
- Seamless Payments: Gain confidence in timely payments for your work, backed by approved financing.
- Enhanced Cash Flow: Leverage this loan to attract clients seeking affordable renovation solutions.
Local Governments
- Community Revitalization: Offer financing options for buyers of foreclosed municipal properties.
- Energy-Efficient Upgrades: Promote renovation loans for energy-efficient improvements, benefitting the entire community.
The FHA 203(k) Limited Rehab Loan is designed for quick, minor updates that make a major impact—perfect for creating vibrant, sustainable homes in our communities.
