FHA 203k

With a FHA 203k loan from Draper and Kramer Mortgage Corp., you can purchase a home that may need repairs, or refinance your existing home for the purpose of remodeling with a cost-effective, single close loan. This program includes the necessary funds for the renovation by financing the “as completed” value of the home, rather than the present value.

  • The Full 203k program allows up to 110% of the after improved value as long as it is within the FHA Loan Limits for the county
  • The Streamlined 203k program allows up to $35,000 for repairs or improvements
  • Purchase a home and make the upgrades you want
  • A single loan for the purchase (or refinance) and the home improvements which saves you money on closing costs

Renovation costs may include:

  • Structural alterations and reconstruction (Full 203k Only)
  • Modernization and improvements to the home's function
  • Elimination of health and safety hazards
  • Changes that improve appearance and eliminate obsolescence
  • Reconditioning or replacing plumbing; installing a well and/or septic system
  • Adding or replacing roofing, gutters, and downspouts
  • Adding or replacing floors and/or floor treatments
  • Major landscape work and site improvements
  • Enhancing accessibility for a disabled person
  • Making energy conservation improvements

  • For more information or questions on FHA 203k Loans, please contact us any time.