FHA 203(k) & Renovation Loans
Call me today for information about an FHA 203(k) loan!
Ameris Bank Morgage Services offers four loan programs designed specifically to meet your renovation goals.
FHA 203(k) Streamline & Full is HUD's "home improvement loan." This product finances the purchase price and repair costs into one loan. If you need a renovation loan or construction loan in Maryland call or email us today.
The approval process for a 203(k) loan is complicated. So it helps to have a lender partner who "knows the ropes."
Here are some reasons to call me when you are considering applying for a 203K loan:
- FHA-approved to offer 203(k) loans
- Have closed over 1000 of them
- Long-standing working relationship with an approved HUD Consultant
- Work closely with my borrowers during the loan approval process and the repair process
- Offer the refinancing when the repairs are complete
- Offer a rapid response-time for closing the loan
- We offer Full & Streamline 203ks
The HUD Consultant must approve the repair work write-up and oversee repairs on properties being renovated using full 203(k) loan.
203(k) borrowers must be credit-worthy; the file is underwritten using today's underwriting criteria. Some down payment assistance programs may be combined with 203(k) loans.
Eligible property types include:
- Single Family Homes
- Multi Family
- Mixed Use (storefront)
Here's a partial list of what you can do with a 203(k) loan:
- Flooring: tile, carpeting, wood
- Landscaping: removal or addition of trees, plants, flowers, grading, repair of driveways and walkways, patios
- Painting: interior and exterior house and other structures on the property
- Bathrooms: enlarge, replace flooring, appliances, fixtures, cabinets
- Basement: finish, add bedrooms, baths, family room, wire for entertainment system
- New Additions: bathrooms, bedrooms, family room, sun room
- Upgrades: thermal windows, insulation, solar panels, new doors, energy efficient appliances
FANNIE MAE HOMESTYLE LOAN
- Conventional Loan
- Repairs can be up to 50% of After Repaired Value
- Primary residences, second homes, or investment properties
- Can include structural improvements
- 95% financing available on Owner Occupied
- 85% financing on Investment Property
RENOVATION LOAN PROGRAM
- Loan Amount up to $2,000,000
- 90% LTV on primary homes
- A great option for a jumbo renovation such as footprint renovations, complete teardowns and modernizing without square footage addition
- Current mortgage is combined with renovation costs
- Pay closing costs once with our One-Time-Closing
- 9 and 12 month construction phase with interest only payments
- Fixed, 5/1 and 7/1 ARM loans available
FHA 203(k) LIMITED
- Improvements up to $35,000
- Allowed 6 months to complete improvements post-closing
- Primary residence only
- Can not be used for structural changes
STREAMLINED ESCROW FOR REPAIRS
- For repairs and improvements up to $10,000
- Allowed 2 weeks to complete improvements post-closing
- Great for applilances, painting, carpet, minor repairs, plumbing etc.
CALL TODAY FOR MORE INFORMATION!
Also ask about our Conv Homestyles Renovation Loan!