Posts tagged 203
Renovation – HomeStyle Program Guidelines
203K Renovation Loan

Cherry Creek Mortgage Co., Inc. NMLS #3001. This material is informational only and not an advertisement to extend credit as defined by TILA/Regulation Z nor an application for credit as defined by RESPA/Regulation X. All applications are subject to underwriting approval and determining the applicant’s ability to repay. Not all applicants are eligible for or qualify for all loan products offered. All loan programs, terms and conditions are subject to change without notice. Rates and terms are valid as of the date of printing/distribution [4-11-17].

GUIDELINE HIGHLIGHTS

Home improvement project costs can be rolled into the loan. The maximum loan amount is based on what the appraised value of the home will be after the improvements are completed! Examples

of acceptable project types include:

Flooring upgrades

Kitchen and bath remodels

Room additions

Outdoor kitchens

In-ground pool repair

Installation of energy-efficient windows

Roof and gutter replacement and repair

Are you thinking about RENOVATING YOUR EXISTING HOME – or you would like to purchase?

Limited 203(k) Loan covers both the acquisition cost and specific repair costs up to the maximum loan amount allowed by FHA county limits. The total repair cost may not exceed $35,000 and must be cosmetic only.

203(k) Standard Loan covers both the acquisition and repairs, including structural changes, additions, and more, up to the maximum loan amount allowed by FHA county limits. The total repair cost may exceed $35,000.

HUD’s Section 203(k) program helps qualified borrowers purchase or refinance – and renovate – with a single loan.

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203K Renovation Loan Flyer

Cherry Creek Mortgage Co., Inc. NMLS #3001. The material provided here is intended as educational and informational only and is for distribution to real estate or financial professionals and is not intended for distribution to consumers; this does not constitute an offer to lend or to recommend available products. Cherry Creek Mortgage Company is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development, Federal Housing Administration, U.S. Department of Agriculture, Veterans Administration or the Federal Government.

PROGRAM HIGHLIGHTS

Home improvement project costs can be rolled into the loan. The maximum loan amount is based on what the appraised value of the home will be after the improvements are completed! Examples of acceptable project types include:

Flooring upgrades

Kitchen and bath remodels

Room additions

Outdoor kitchens

In-ground pool repair

Installation of energy-efficient windows

Roof and gutter replacement and repair

BUILD A STRONG BUSINESS WITH FHA 203K!

Limited 203(k) Loan covers both the acquisition cost and specific repair costs up to the maximum loan amount allowed by FHA county limits. The total repair cost may not exceed $35,000 and must be cosmetic only.

203(k) Standard Loan covers both the acquisition and repairs, including structural changes, additions, and more, up to the maximum loan amount allowed by FHA county limits. The total repair cost may exceed $35,000.

We speak contractor!

 We deal with the contractor directly

 You focus on credit and the borrower

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