COMPARING THE REHABILITATION LOANS
FHA 203K
- No Maximum Renovation (5K min)
- Structural, Additions, etc.
- HUD Consultant Required
- GC Required
- No “up-front” renovation funds
- FHA Loan Limits
- 6 months of PITI Escrow
FHA 203K Limited
- $35,000 Maximum Renovation (no min)
- No Structural Repair/Addition
- HUD Consultant NOT Required
- Multiple Contractors OK
- 50% renovation funds released
- FHA Loan Limits
- No PITI Escrow needed
FNMA Homestyle
- No Maximum Renovation (5K min)
- Structural, Additions, etc.
- HUD Consultant Required
- GC Required
- No “up-front” renovation funds
- FHA Loan Limits
- 6 months of PITI Escrow
- SFR Investor
- 2nd Home
- Luxury Items
- Conforming Loan Limits
VA Rehab
- $35,000 Maximum Renovation
- No Structural Repair/Addition
- HUD Consultant NOT Required
- no “up-front” renovation funds
- Work MUST be completed within 90 days
(timing of “outside work” to reviewed by UW case-by-case)