FHA 203K Rehab loans

The FHA rehab loan is identified as a 203K loan.

finance-repairs-with-a-203K-loan

The full 203K is known as the standard 203K and is for amounts over $30,000 and/or for properties that require structural repairs.  It has a higher rate and more requirements and much stricter underwriting.
The limited 203Ks (the streamline version) is for repairs of $30,000 or less and cannot include any type of structural repair or improvement.
Here is the math for 203K loans: Sales Price + amount needed to do repairs + 10-15% contingency + fees = rehab account.
If rehab account is below $35K (about $30K in actual repairs) and there are no structural repairs then the loan is eligible to be done as a limited 203K which requires less paperwork.  Click here for details on the limited 203K loan.
NH Housing also offers an FHA 203K rehab loan.  It is mostly the same but a little different.   Click this link to the NH Housing 203K rehab loan.
Another Option (conventional loan) that is non FHA is the Fannie Mae Homestyle Loan.

I am there throughout the process to guide you along.

 

Renee Duval

NMLS # 97967

Merrimack Mortgage Company, LLC

19 Washington Street

Concord, NH  03301

Branch # 97958

(603) 225-LOAN (5626)

FAX:  225-5676

Cell:  (603) 345-5644

Use this link to apply on line

Licensed by the New Hampshire Banking Department 

Download mobile app calculator – awesome tool!

 

 

 

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