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Chuck Olmsted Mortgages

FHA Section 203(k) loans enable homebuyers and homeowners to finance either the purchase or refinance of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.

Section 203(k) fills a unique and important need for homebuyers. When buying a house that needs repair or modernization, homebuyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment.

However, Section 203(k) offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. Section 203(k) insured loans save borrowers time and money. See the two types below.

FHA 203k Standard Renovation Loan

  • Loan amount up to FHA limit (Varies by county)
  • Maximum loan to value-96.5% (3.5% down)
  • Maximum repair amount $35,000
  • Non-structural work only
  • Owner occupied only

FHA 203k Consultant Renovation Loan

  • Loan amount up to FHA limit (Varies by county)
  • Maximum loan to value-96.5% (3.5% down)
  • No maximum repair amount
  • Structural or non-structural work OK
  • Owner occupied only

Please call Chuck Olmsted to see which renovation mortgage program is right for you: 843-901-1557.

Equal Housing Opportunity