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].
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:
Kitchen and bath remodels
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.Read More