Eligible Property Types

Eligible Property Types1-4 unit propertiesPrimary residence onlyCondosMixed-use properties per FHA guidelinesModular homesThere are two kinds of renovation loans – a limited loan, providing up to $35,000; and the consultant loan, with loan amount based upon the lower of the after-improved value or purchase price plus cost of repairs*.“For 203k purchase transactions the maximum loan amount is the lesser of the sales price + renovation costs or 110% of the after improved value, times the maximum loan-to-value. For refinance transactions the maximum loan amount is the lesser of the property value before renovation + renovation costs or 110% of the after improved value, times the maximum loan-to-value. Loan amount must be within FHA county loan limits.”**If the property is not habitable, up to 6 months of mortgage payments are included as part of the total renovation costs to cover payments that are due during the renovation period.