Section 203(k) insurance enables homebuyers and homeowners to:
- Purchase a property and repair/renovate it.
- Purchase a dwelling on another site, move it onto a new foundation and repair/renovate it.
- Refinance existing indebtedness and repair/renovate a property.
- Repair/renovate a presently owned property.
Normally a short term loan, often referred to as a construction loan, is needed for home improvements. However, Section 203(k) offers borrowers and lenders a single, long term, fixed or adjustable rate loan that covers both the purchase and rehabilitation of a property.
This loan saves the borrower time and money while protecting the lender by allowing them to have the loan insured before the condition and value of the property has been established.
Purchase Price is required and should be a number
Annual taxes are required and should be a number
Annual Hazard Insurance is required and should be a number
An Interest rate is required and should be a number
A Repair Budget is required and should be a number
Inspections are required and should be a number between 2 and 5
A Repair Reserve is required and should be a number between 10 and 20
For less extensive repairs/improvements, see Streamlined 203(k). For housing rehabilitation activities that do not also require buying or refinancing the property, borrowers may also consider HUD’s Title I Home Improvement Loan program.
The “Streamline (K)” Limited Repair Program permits homebuyers to finance an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. Find out more about the Streamlined 203(k) program by reading HUD Mortgagee Letter 2005-50, enhancements to “Streamlined (K)” Limited Repair Program.
List of homes we have worked through the 203k Loan Program.
View 203(k) Remodeled Homes in a larger map
Contact us more information: 601-691-1596
Our 203(k) Sample Reports
Specification of Repairs | Draw Request | Draw Request | SummaryWork Write Up | SummaryChange Order | Change Order Summary | Consultant’s Fee Agreement | Property Information | Contractor’s Bid Package
There are other documents included in the work write up.
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