Section 203(k) is a type of FHA home renovation loan that includes both the cost of buying a home and the renovation costs. It is given to those who choose to rehab a damaged or older home. This home purchase and renovation loan is backed by the Federal Housing Administration and funded by 203k mortgage lenders.
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A streamlined or limited 203k loan is capped at $35,000 in renovation costs and is for homes that don’t have major structural issues. A regular or standard 203k loan is for homes that need more extensive repairs that could make them uninhabitable during the work.
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With a regular fha 203k loan, the maximum amount you can get on a purchase loan is the lesser of these two amounts: The Nationwide fha mortgage limits; OR. The appropriate Loan-to-Value (LTV) ratio from the Purchase Loan-to-Value Limits, multiplied by the lesser of: 110 percent of the After Improved Value (100 percent for condominiums), or; the Adjusted As-Is Value, plus the following: financeable repair and Improvement Costs, for Standard 203(k) or Limited 203(k);
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While 203(k) loan programs are a great financing option for first-time homebuyers, they are not limited to those who have never owned a home. As long as you live in, or plan on living in, the home in question and meet all other FHA 203(k) requirements, you’re eligible for the 203(k) loan program – regardless of your home owning history.