Monday, May 18, 2009

Eligible Renovation using the 203KS

FHA 203k / Home Renovation

Purchase and Rehab with ONE loan and ONE closing

FHA HOME RENOVATION LOAN PROGRAM (203KS)
Also available for Refinancing of existing owner occupied Properties

Example of a 203K Streamline

Household improvement up to a maximum of $35,000. Home purchase with 3.5% Down (Can be gifted)


HUD has defined eligible renovation as:

OWNER OCCUPIED PROPERTIES ONLY

  • Repair/Replacement roofs, gutters, and downspouts

  • Repair/Replacement/Upgrade of existing HV AC systems

  • Repair/Replacement/Upgrade of plumbing and electrical systems

  • Repair/Replacement of existing flooring

  • Minor remodeling such as kitchens, which does not involve structural repairs

  • Exterior and interior painting

  • Weatherization: including storm windows and doors, insulation, weather stripping, etc.

  • Appliances - Purchase and installation are included. Appliances may include free-standing ranges, refrigerators, washers/dryers, dishwashers, and microwaves

  • Lead-based paint stabilization or abatement of lead-based paint hazards

  • Repair/Replace/Add exterior decks, patios, porches

  • Basement finishing and remodeling, which does not involve structural repairs

  • Basement waterproofing

  • Window and door replacements and exterior wall re-siding

  • Septic system and/or well repair or replacement

  • Improvements for accessibility for persons with disabilities

  • For lead-based paint stabilization costs above and beyond that paid for by HUD when it sells real estate owned (REO)

    HUD has defined Ineligible Renovation as:

  • Major rehabilitation or major remodeling, such as the relocation of a load bearing wall

  • New construction (including room additions)

  • Repair of structural damage

  • Repairs requiring detailed drawings or architectural exhibits

  • Landscaping or similar site amenity improvements

  • Any repair or improvement requiring a work schedule longer than six (6) months

  • Rehabilitation activities that require more than two (2) payments per specialized contractor

    Additional Types of Home Renovation Products

    203K

    203KS

    Fannie Mae Home Style

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