Welcome to My203KLoan.com

  Your Leading Source for the FHA - 203(K) Renovation Program!

The 203(k) loan offers various benefits:

Properties that are sold “As-Is” often would not qualify for a 203(b) standard FHA loan. However, 203(k) loans are designed to improve, update, and modernize the home.

 Enables borrowers to purchase foreclosure properties that require repairs.  Most HUD Foreclosure properties could benefit from a 203k loan.

 Borrowers can purchase a home that does not require repairs and finance the cost of “modernization” or cosmetic repairs (see eligible improvements.)

 The 203(k) program can be used in conjunction with the FHA Energy Efficient Mortgage Program.

Allows for 1-4 family dwellings as well as mixed-use properties.

Can be used to convert a single family dwelling to 2-4 units and vice versa (where zoning allows). (See eligible properties.)

Up to 110% (100% on condominiums) of the as-improved value of the home may be used as basis for mortgage calculations (the appropriate LTV factors are then applied.)

Up to 6 months PITI payments can be financed to assist borrowers who would otherwise be required to make double-housing payments. (Consultant K only)

Buyers who purchased a property with cash can use the 203(k) program to complete repairs/modernization and replenish funds used at the time of purchase. Similarly, the refinance of a purchase of a HUD PD property acquired within six months may be calculated as if a purchase (see ML 94-11).

 Can be used for complete reconstruction of a home on its existing foundation.

Allows for required repairs to bring home up to minimum property standards, i.e. new roof, fix broken windows, and lead paint abatement.

  Increase square footage by building an addition, building a second floor, or finishing a basement or attic space. (Consultant K only)

Existing homes may be moved to a different location on a new foundation. The 203k loan can include costs for buying the house, buying the lot/land, paying for the removal of electrical lines, insurance for moving the house, a new foundation, and then rehabilitating the whole house. 

 Important: Something must be old for a property to be considered a renovation: an old house, an old foundation where a new house is built, a very small house where the size of the existing home is increased, etc. This is not a new construction loan, something must be old and proof that a house exists for it to be considered renovation.