What you need to know about FHA203k
There are two main types of FHA 203(k) loans:
Standard 203(k) Loan: This is for more extensive renovations and repairs, including structural changes and repairs that exceed $35,000. The loan amount is based on the projected value of the property after the renovations.
Limited 203(k) Loan: This is for less extensive renovations and repairs, typically costing less than $35,000. It's often used for cosmetic improvements, such as updating kitchens or bathrooms.
Some key points about FHA 203(k) loans:
They require a down payment of at least 3.5%.
The property being renovated must be a primary…
The skinny
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