FHA  203K For Primary Borrowers

1) 203(K) Standard Rehabilitation Loan No Limit Up-to Max Loan
 

• 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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