Unlocking the Benefits of a 203k
Key Loan Details
Purchase or Refinance - You can buy a home that needs repairs or remodel your current home.
Allows Renovation Costs to be Financed: Maximum renovation funds can be up to 96.5% of the as completed value!
Standard 203k: Major remodeling projects permitted. A HUD consultant is required to oversee the project and ensure it stays on time and on budget. This program allows for upgrades, repairs, structural modifications and additions with few limitations to what you can do.
Limited 203k: A streamlined option for borrowers looking to finance small-scale renovations that does not require a HUD consultant.
Funding Sources: Down payments and closing costs can be covered through gifts, grants, or Community Seconds®, with no minimum personal contribution required on primary residences.
Multi Unit Properties Eligible: If you’re going to live in one of the units you can purchase up a to a 4-unit dwelling.
Overcoming Obstacles: Even if a property is not perfect or there are eligibility issues, HomeStyle can help you overcome these obstacles and turn the property into what you need.