Are your clients planning for a large-scale project like major structural alterations, conversion or repairs to their swimming pool? A Standard (Full) FHA 203(k) loan can help get your clients one step closer to breaking!

Standard 203(k) loans are intended for extensive rehabilitation and/or improvements that are completed within six months. Types of improvements that can be made are discretionary; however, luxury items that are not part of the property are excluded.

Some types of improvements that are allowed under this product:

– Repair/replacement of roofs, gutters and downspouts 


– Repair/replacement of flooring 


– Painting, both exterior and interior 


– Weatherization, including storm windows and doors, insulation, 
weather stripping, etc. 


– Kitchen and bathroom remodeling 


– And more

Overall Program Highlights:

– Requires an FHA HUD consultant

– Minimum cost of repairs is $5,000 with no maximum

– Contingency reserve is approximately 10-20%

– Work must start within 30 days of closing and be completed within 180 days of closing

– Maximum 5 draws permitted

– Additional specialized contractor(s) allowed for technical items

– Finance up to 6 months PITI if home deemed uninhabitable

– Total of 5 draws are available

– Maximum of five inspections and title updates are required

– One general contractor allowed

Make your clients next home improvement project a success with help from a lender you can trust. We’ll be with you every step of the way!

To get started, contact your Home Point Account Executive today!