203k Mortgage Loans

If you are considering the purchase of a property which an Appraiser has identified as requiring repairs, and which the seller is unwilling to fix prior to settlement, you typically only have two (2) financing options available, the 203(k) Limited Repair Program as listed below and the Renovation/Construction Loan Program.

Streamlined 203(k) Limited Repair Program

FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. 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.

Find out more about the Streamlined 203(k) program by reading HUD Mortgagee Letter 2005-50, enhancements to "Streamlined (K)" Limited Repair Program.