FHA 203(k)

With an FHA 203(k) loan from Draper and Kramer Mortgage Corp., you can purchase or refinance a home and renovate it with a cost-effective, single-close loan.

• The Full 203(k) 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 203(k) program allows up to $35,000 for repairs or improvements
• Provides a single loan for the purchase (or refinance) and the home improvements, which can save money on closing costs

Eligible renovation costs may include:

• Structural alterations and reconstruction (Full 203(k) 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 or 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 answers on FHA 203(k) loans, please contact us any time.