MarylandMark
Charter Member
Anyone ever done one and how'd it work out?
Lender or borrowers feel free to toss your opinions in!
Lender or borrowers feel free to toss your opinions in!
Headlines
203 (K) Rehab loans
- Thread starter MarylandMark
- Start date
MarylandMark
Charter Member
Thanks Berine!
I've looked at some houses in the $300K range that need over $100K worth of work done to them. Paying out of pocket for repairs would double hurt since the stock market is in the toilet and rates being so low.
I've looked at some houses in the $300K range that need over $100K worth of work done to them. Paying out of pocket for repairs would double hurt since the stock market is in the toilet and rates being so low.
Lomax
Charter Member
FHA 203(k) and Quic(k)FixSM Streamlined (k) Limited Repair Product Matrix
Eligible Programs
Product & Terms
Eligible
Borrowers
Eligible
Properties
Eligible Improvements
Repair, Replace, Upgrade
Maximum LTV
Allowable Renovation Costs
Fixed Rate - 15, 20, 25 & 30 year term
1 yr. ARM - 30 year term
Owner Occupants
Owner Occupied
1-4 Unit Residential
Mixed-use
Condos
$5,000 Minimum in Improvements *
Additions *
Structural Repairs *
Energy Conservation
Heating, Ventilation, Air Conditioning, Electrical, Plumbing
Well or Septic
Roofing, Gutters and Downspouts
Flooring, Carpet or Tile
Major Landscape/Site Improvement *
Handicap Accessibility
Attached/Detached Garage *
Up to $1,500 in Repair to an Existing Swimming Pool
Relocate an Existing Home *
Rebuild on Existing Foundation *
Not Allowed: Luxury Items
Purchase
Refinance
Loan amount can not exceed statutory loan limits for the area
LTV/CLTV up to 103%
96.50%
97.75%
Actual cost of the renovation based on plans and specifications * and homeowner contractor contract stating scope of work, cost of materials and labor, timeframe for start and completion of work.
Contingency Reserve equal to 10% of cost of renovation (can be up to 20% based on the scope of the project). MUST be 15% if utilities are off.
Allowable Fees and Costs:
• Inspection/Title Update Fees
• Architectural/Engineering Fees *
• Independent Consultant Fees *
• Permits and Other Fees
• Supplemental Origination Fee
• Discount Points on Repair Costs
Escrowed mortgage payments (PITI) for up to six months during the renovation period. *
Allowable Consultant Fees*
Allowable Inspection Fees
Based on Repair Amount
Varies by Homeownership Center
$7,500 or less
$400
$7,501 to $15,000
$500
$15,001 to $30,000
$600
$30,001 to $50,000
$700
$50,001 to $75,000
$800
Quic(k)FixSM Streamlined (k) ONLY:
• $35,000 maximum in improvements and expenses
• No more than 2 checks per specialized contractor
• 6 months maximum for completion of work – no extensions
• Must occupy within 30 days
* N/A for Quic(k)FixSM Streamlined (k)
$75,001 to $100,000
$900
NOTES
$100,001 and Above
$1,000
Each Additional Unit
$25
Feasibility Study
$10
Eligible Programs
Product & Terms
Eligible
Borrowers
Eligible
Properties
Eligible Improvements
Repair, Replace, Upgrade
Maximum LTV
Allowable Renovation Costs
Fixed Rate - 15, 20, 25 & 30 year term
1 yr. ARM - 30 year term
Owner Occupants
Owner Occupied
1-4 Unit Residential
Mixed-use
Condos
$5,000 Minimum in Improvements *
Additions *
Structural Repairs *
Energy Conservation
Heating, Ventilation, Air Conditioning, Electrical, Plumbing
Well or Septic
Roofing, Gutters and Downspouts
Flooring, Carpet or Tile
Major Landscape/Site Improvement *
Handicap Accessibility
Attached/Detached Garage *
Up to $1,500 in Repair to an Existing Swimming Pool
Relocate an Existing Home *
Rebuild on Existing Foundation *
Not Allowed: Luxury Items
Purchase
Refinance
Loan amount can not exceed statutory loan limits for the area
LTV/CLTV up to 103%
96.50%
97.75%
Actual cost of the renovation based on plans and specifications * and homeowner contractor contract stating scope of work, cost of materials and labor, timeframe for start and completion of work.
Contingency Reserve equal to 10% of cost of renovation (can be up to 20% based on the scope of the project). MUST be 15% if utilities are off.
Allowable Fees and Costs:
• Inspection/Title Update Fees
• Architectural/Engineering Fees *
• Independent Consultant Fees *
• Permits and Other Fees
• Supplemental Origination Fee
• Discount Points on Repair Costs
Escrowed mortgage payments (PITI) for up to six months during the renovation period. *
Allowable Consultant Fees*
Allowable Inspection Fees
Based on Repair Amount
Varies by Homeownership Center
$7,500 or less
$400
$7,501 to $15,000
$500
$15,001 to $30,000
$600
$30,001 to $50,000
$700
$50,001 to $75,000
$800
Quic(k)FixSM Streamlined (k) ONLY:
• $35,000 maximum in improvements and expenses
• No more than 2 checks per specialized contractor
• 6 months maximum for completion of work – no extensions
• Must occupy within 30 days
* N/A for Quic(k)FixSM Streamlined (k)
$75,001 to $100,000
$900
NOTES
$100,001 and Above
$1,000
Each Additional Unit
$25
Feasibility Study
$10
