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.