This was an event Larry Bailey hosted on 2-10-2022. This was to walk through ideas and experiences of how the 203k loan program works, as well as how it worked for me.
Some good information is as follows:
- The Standard FHA 203(k) Mortgage may be used for remodeling and major repairs. There is a minimum repair cost of $5000 and the use of a 203(k) Consultant is required.
- The minimum credit score is 600
- Terms can be 10Yr., 15Yr., 20Yr., 25Yr., 30Yr. Fixed 5/1 Hybrid ARM
- 1-2 Unit Primary Residence
- Site Condominium
- PUDs
- Property must be an existing Property that has been completed for at least one year prior to the case number assignment date.
- A Property that is not eligible for a 203(b) Mortgage due to health and safety or security issues may be eligible under 203(k) if the rehabilitation or repair work performed will correct such issues.
- A Property with an existing 203(k) Mortgage is not eligible to be refinanced until all repairs are completed
- Maximum LTV/CLTV/HCLTV - • Purchase 96.50%• Rate/Term Refinance 97.75%
- HUD main link for all things 203k click here