Makeover Mortgage Renovation Loans

FHA 203 (k)

3.5% minimum down payment requirement
Upfront mortgage insurance premiums financed into loan
Monthly mortgage insurance premium
Existing homes eligible
Seller concessions up to 6% of sales price
Condominiums may be eligible, must be on FHA approved list or FHA single unit spot approval
No income limits
No minimum on renovation costs
Gifts allowed

Home Style

Owner occupant, second homes and investment properties
Condos, one to four units allowed
Renovations costs up to 50% of the after improved value
Incomplete properties when the builder went out of business allowed
No restrictions on improvements (must be permanently fixed to property and add value)
Contingency reserve is allowed from out of pocket