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.