RE/MAX Components
Robert and Maria McArtor
 

The FHA 203K Renovation Loan

Single Family Residential Homes Allowed

The Advantages


  • Allows repair/renovation costs to be rolled into the loan
  • Major items ARE allowed (Foundation)
  • Low down payment (3.5%) and seller can pay up to 6% towards closing costs
  • Close before repair/rehab begins
  • Only one closing. Money disbursed on a draw basis after closing as construction is completed
  • Loan amount can go up to 110% of the "after-improved value" from the appraisal
  • Buyer can include optional renovations/upgrades

Examples of Repairs & Renovations


  • Repair Foundation
  • Replace Roof
  • Paint Interior & Exterior
  • Install New Flooring
  • Remodel Kitchen/Bath
  • Upgrade to Central Heat/Air
  • Repair Termite or Moisture Damage
  • Energy Efficiency Improvements
  • Landscaping/Exterior Repairs
  • New Built-In Appliances
  • And More!

The Process


The process is simple if you are working with the right loan officer.

  • Client is pre-approved based on income, assets, debt and credit
  • Client selects property
  • Client meets consultant at property for inspection and feasibility study
  • Client gets contractor bid(s) and compares figures with consultant
  • Work write-up is prepared by consultant
  • Appraisal is performed "as-completed" upon executed contract
  • All paperwork is completed and submitted to underwriting
  • Underwriter approves the loan
  • Approved loan is sent to title company
  • Loan closes and rehab account is created
  • Funds are disbursed as work is completed and inspected
  • Rehab is complete

Items NOT Allowed


  • Any luxury item and/or improvement that does not become a permanent part of the subject property is not eligible, including:
  • Recreational or luxury improvements, such as pools, hot tubs, whirlpool baths
  • Barbecue pits, bath houses, tennis courts, satellite dishes, or tree surgery
  • Additions or alterations to support commercial use or to equip or refurbish
  • Washers and Dryers

To Learn More and GET STARTED TODAY!
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"Robert and his wife Maria did a great job selling my home. Robert stuck by me thru the months of having my home on the market. From the highs at the ... more "
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"Words could not express how elated I feel with the services I have received from Mr. McArtor and family. I say family with sincerity because I was ... more "
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