281-466-4085
  • 1-4 unit properties
  • Primary residence only
  • Condos
  • Mixed-use properties per FHA guidelines
  • Modular homes

There 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.


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