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.