Renovation - 203(k) Standard Loans in Jeffersonville, IN
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Renovation - 203(k) Standard Loans
Did you find the perfect home, but there “might” be a mold issue or maybe a bowed wall in the basement?
We have the perfect loan option for you. The mold issue could possibly be “rolled” into your mortgage.
Has this happened to you?
You’ve found the almost perfect home, but it but it just needs a little something to make it perfect!
This is an FHA loan product, so the down payment (DP) amount lower than the Homestyle, but the same as the FHA 203(k) limited. This is perfect for larger, more complex projects, such as adding plumber or electricity to the home, removing mold, or even repairing foundation issues.
Couple of items to note:
- 3.5% DP ($7,000 on a $200,000 home) is required.
- This CANNOT be used for a second home or an investment property.
- There is also a 620 Minimum credit score, but there are some additional stipulations.
There is a minimum repair cost of $5,000 and maximum of $150,000. A HUD consultant is required on all loans, as these are more complex projects. The consultant facilities the repairs between you and the contractors. Please note contactors will need to be properly licensed to complete the work.
Since there is a bit of additional work/coordination to make these loans a success, we’ve created this graphic on how the process works.
"Successful homeownership is not just putting people into homes, it's also making sure people keep their homes. "