The Standard FHA 203k allows for home buyers and homeowners to renovate their house while financing it into their mortgage.
The FHA Limited 203k is designed for minor renovations through either new home purchase or refinance.
The Fannie Mae HomeStyle is a renovation loan that can be used on new home purchase as well as refinance.
FHA 203k Standard
FHA 203k Limited
Fannie Mae HomeStyle
|Minimum Credit Score||600||600||620|
|HUD Consultant||Required||Not Required||Required if costs exceed $35k or there are structural repairs|
|Amount of Draws||Up to 5 draws||2||Up to 5 draws|
|Minimum/Maximum Cost of Repairs||$5,000 - Unlimited||No minimum - $35,000||No minimum Federal Housing Financing Agency (FHFA) Loan Limits|
|Down payment required||3.50%||3.50%||5% for 1-unit owner-occupied. Changes based on property detail|
|Eligible Properties||1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use||1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use||Attached and detached single family dwelings and planned unit developments, and Fannie Mae approved condo|
|Notes||Must live in property for 1 full year after renovation completion||Must live in property for 1 full year after renovation completion. Property must be habitable throughout the entire renovation.|
|Occupancy||Primary Only||Primary Only||Primary home with 1-4 Unit, Second home with 1 unit, and investment property with 1 unit.|
One of our dedicated staff members from the renovation division will reach out to your shortly to begin discussing your options. Even if you just have a few questions about the possibility of using a renovation mortgage, we would love to hear from you!