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FHA 203(k) renovation loans can be used to beautify yourhome. It can turn a house in need of repair or renovation into your dream home. All repair costs and associated lender fees for the property improvements are �nanced into a single FHA mortgage.
Loan program terms and conditions are subject to eligibility and credit approval. Loan program terms and conditions are subject to change. Consult with a loan officer for additional program details.
Rev 5-19-18
General Requirements *• Available for 1-4 unit owner occupied homes and FHA Approved Condominiums.• Borrower must meet standard FHA credit qualifying requirements.• Minimum 620 FICO credit score.• Borrower does not have to be a �rst time homebuyer, but, generally cannot have any other FHA mortgages.
Limited 203(k) Loan Program *• Funds can be used for non-structural repairs or• improvements such as paint, �ooring, siding, furnace,• septic, new appliances, electrical, plumbing, deck,• �nish basement, kitchen, or bath remodels.• Maximum $35,000 for renovation including all• associated fees.• Up to three Village Mortgage Approved• Contactors may be used.• Funds may be disbursed at closing for up to• 50% of the renovation cost.• When the project is complete there is a �nal• disbursement of funds.• Project must be completed in six months.
FHA 203(k)Renovation Loan
Standard 203(k) Loan Program *• Funds can be used for structural and/or extensive• repairs or remodeling such as moving load bearing• walls, repairing the foundation, adding on a garage, etc.• There is no maximum renovation cost. The FHA• loan cannot exceed the FHA county limit.• Village Mortgage will assign a HUD Consultant to• oversee the project.• Up to three Village Mortgage approved Contractors• may be used.• No renovation monies are disbursed at closing.• There are up to �ve draws payable in a two party• check, one to the contractor and one to the• borrower, disbursed as the project progresses.• Project must be completed in six months.
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