If you’ve been passing up buying a home because it requires cosmetic repairs, FHA has a renovation program that provides funds for repairs and / or upgrades.
Not to be confused with the FHA Standard 203(k) program, the Limited 203(k) eliminates much of the paperwork and simplifies the process to obtain rehab funds. The primary function of the limited 203(k) program is to aid with those cosmetic or minor repairs (repair or replace, NO Structural repairs)
WHAT IS THE LIMITED 203(k) PROGRAM?
HUD has developed a new FHA insured mortgage program called the 203k Limited Repair Program that permits homebuyers to finance up to an additional $35,000 for TOTAL repair cost into their mortgage, to purchase and improve or upgrade the home before move-in, or to refinance an existing mortgage and add up to $35,000 for repairs or improvements. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.
The following repairs can be financed with this program:
This program can also be used with the purchase of a HUD home, and in coordination with the Good Neighbor Next Door program.
es cosmetic repairs, FHA has a renovation program that provides funds for repairs and / or upgrades.
Not to be confused with the FHA Standard 203(k) program, the Limited 203(k) eliminates much of the paperwork and simplifies the process to obtain rehab funds. The primary function of the limited 203(k) program is to aid with those cosmetic or minor repairs (repair or replace, NO Structural repairs)
Not to be confused with the FHA Standard 203(k) program, the Limited 203(k) eliminates much of the paperwork and simplifies the process to obtain rehab funds. The primary function of the limited 203(k) program is to aid with those cosmetic or minor repairs (repair or replace, NO Structural repairs)
WHAT IS THE LIMITED 203(k) PROGRAM?
HUD has developed a new FHA insured mortgage program called the 203k Limited Repair Program that permits homebuyers to finance up to an additional $35,000 for TOTAL repair cost into their mortgage, to purchase and improve or upgrade the home before move-in, or to refinance an existing mortgage and add up to $35,000 for repairs or improvements. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.
The following repairs can be financed with this program:
- Repair/Replacement of roofs, gutters and downspouts
- Repair/Replacement/upgrade of existing HVAC systems
- Repair/Replacement/upgrade of plumbing and electrical systems
- Repair/Replacement of existing flooring
- Minor remodeling, such as kitchens, which does not involve structural repairs
- Exterior and interior painting
- Weatherization: including storm windows and doors, insulation, weather stripping, etc
- Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwaves
- Improvements for accessibility for persons with disabilities
- Lead based paint stabilization or abatement of lead based paint hazards
- Repair, replacement or the addition of exterior decks, patios and porches
- Basement remodeling which does not involve structural repairs
- Basement waterproofing
- Window and door replacement and exterior siding replacement
- Well or septic system repair or replacement
This program can also be used with the purchase of a HUD home, and in coordination with the Good Neighbor Next Door program.
es cosmetic repairs, FHA has a renovation program that provides funds for repairs and / or upgrades.
Not to be confused with the FHA Standard 203(k) program, the Limited 203(k) eliminates much of the paperwork and simplifies the process to obtain rehab funds. The primary function of the limited 203(k) program is to aid with those cosmetic or minor repairs (repair or replace, NO Structural repairs)
