FHA 203K For Primary Borrowers
1) 203(K) Standard Rehabilitation Loan No Limit Up-to Max Loan
2) 203(K) Limited Rehabilitation Loan Limit: $35,000 or up to $50,000 in Opportunity
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• Reserves will always be required
• Max Loan Amount: 1Unit $621,000 - 2Unit $795,000 3Unit $960,950 – 4 Units $1,194,250
• Financing Limit (LTV: Loan To Value) : 96.5% Primary
• Intended Use: Primary Home (Purchase & Refinance) ONLY
• Property Type: PUDS, 1-4 Units, Manufactured Home, FHA Approved Condos, Mixed Use Properties Allowed if residential space is at least 51% and 4 or less Units.
• Credit Score: Min 580 (500-579 90% LTV) BEST MIN SCORE 600-640
• Key Points: Living costs for a rental while the home is being renovated allowed. Luxury Repairs like adding swimming pool not allowed. You may use a 203(k) standard mortgage to tear down a house and rebuild on the foundation. Seller Concession 6%. 75% of rental income used to help you qualify for 2-4 Units. 3-4 Units need 3 months of reserves.
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