What is the minimum amount of repairs required on a FHA 203(k) home improvement loan?
There is a minimum $5,000 requirement of eligible home improvement loan projects on the existing structure of the property. Minor or cosmetic repairs may be included after meeting the first $5,000 worth of repairs. What are the qualifications to be able to obtain a FHA 203(k) loan? The qualifications requirements are the same as a typical FHA mortgage loan. Benefits of an FHA 203(k) Loan: Up to six months allotted for completion of rehabilitation construction. Down payments as low as 3.5% of the sales price – Can be a family member, may pay all of the borrowers required down payments, closing costs, prepaid expenses, and discount points. Monthly MIP automatically is canceled once the unpaid principal balance is reduced to 78%. 2/1 temporary subsidy buydown plan on fixed-rate purchases. Purchases and rate/term refinances on 1-4 unit primary residences with fixed-rate and adjustable-rate options. Have credit blemishes or low credit scores. Have limited cash for down payment or closing co
