Changes to FHA 203K Renovation Loans
Exciting Changes to FHA 203(k) Renovation Loans: Effective November 4, 2024!
Get Ready to Unlock More Potential
We’re thrilled to announce some significant updates to the FHA 203(k) renovation loan program that will take effect on November 4, 2024. These changes are designed to make homeownership more accessible and empower you to transform your dream property.
FHA Limited 203(k): A Major Boost
One of the most exciting changes is the substantial increase in the maximum renovation amount for the FHA Limited 203(k) loan. This popular program now allows for renovations up to $75,000, significantly expanding your options for upgrading your dream home. The upside to using the limited program vs the Standard is that we don’t have to bring in a HUD consultant to over see the project. This helps keep the cost down for the buyer and speeds up the closing time frames.
FHA Standard 203(k) for Large-Scale Projects
If your renovation plans exceed the $75,000 limit, don’t worry! The FHA Standard 203(k) loan remains available for larger-scale projects, offering even more flexibility and financing options.
Key Benefits of the FHA 203(k) Program:
- Streamlined Process: Combine the purchase and renovation costs into a single loan.
- Flexible Financing: Choose from various loan terms and interest rates to suit your needs.
- Lower Down Payment: Benefit from the FHA’s low down payment requirements.
- Expert Guidance: Work with experienced professionals who can guide you through the renovation process.
Take Advantage of These Exciting Changes
Whether you’re looking to upgrade an existing home or purchase a property in need of repairs, the FHA 203(k) program can help you achieve your goals. Contact us today at (269) 360-7109 to learn more and explore your financing options. To learn more about all our renovation options check out the renovation section of our website.
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For many, the dream of homeownership remains a significant milestone. But what if you could help a close family member achieve that dream, even if they face financial hurdles? The Family Opportunity Mortgage Program, often referred to as the Family Assist Program, is a specialized mortgage solution designed to do just that – empower families to support loved ones in purchasing a home.
What is the Family Opportunity Mortgage Program?
This unique program was created to address a common challenge: families who want to assist elderly parents, adult children with disabilities, or other qualifying relatives in buying a home, but where the assisting family member might not be able to occupy the home themselves, or where the assisted family member faces challenges meeting traditional mortgage qualifications alone. It essentially allows family members to secure financing for a loved one’s primary residence, often with more favorable terms than a standard investment property loan.