Standard 203K also known as Full 203K loan program is an option that covers the major repair works to remodel your home. Unlike Limited 203K where you cannot make structural changes, with Standard you can do just about anything with limitation of luxury items and non permanent changes.
Standard 203K has no limit on the amount of loan that you can take to purchase and remodel your home. The mortgage limits are however capped by the FHA limits for the area you are planning to buy the home.
What You Can Do With A Standard 203K Loan!
- Major structural changes, such as the relocating load-bearing wall.
- Converting a single unit to a multi-unit home.
- Adding rooms, bathrooms or repair of structural damage.
- Repairs that require detailed drawings or architectural exhibits.
- Landscaping improvement not including luxury upgrades like swimming pools etc.
- Any remodeling requirement having a work schedule longer than 3 months.
- Repair requirements that result in more than 2 payments per FHA approved contractor.
- Improvements where the work cannot start within 30 days after closing the loan.
- If the property is not live-able during the rehab process. You will need to have an alternate arrangements till the work is completed.
How does it work?
Features of 203K Standard
- Qualify with credit score as low as 580
- Great for buying a fixer-upper
- 30 year fixed rates
- Only 3.5% down
- Refinance in as little as 6 months
- No 35K limits. Just do about anything you need to do for repairs.
- We will walk you through all of the scary parts
Updates on “Standard” or “Full” FHA 203K Loan
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