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Michael Inkman

Fairway Independent Mortgage Corporation

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203K Rehab Loans

203K rehab loans are also a type of FHA loans. FHA is part of the Department of Housing and Urban Development (HUD). Both, FHA and HUD operate through FHA-approved lenders, i.e. PrimeLending, and then we submit the applications to get the property appraised & the buyer’s check approved. PrimeLending will then fund the loan and HUD will insure it. HUD will not make direct loans to help people purchase homes.

203K rehab facts:

  • Complete tear downs are premitted as long as part of the foundation remains
  • Allowable repairs include : roofing, flooring, plumbing, foundation, mold remediation/removal, termite treatments, etc.
  • The minimum amount for repairs on a full 203k is $5,000
  • The max amount of repairs may exceed $150,000 with specific exceptions      (maximum on Streamline $35,000)
  • Repairs can be structural and/cosmetic in nature but must have a 203K consultant
  • The property being financed must be a permanent residence
  • The borrower’s primary residence must be in the United States
  • Must also live and work in the United States

 *Some items may be specific to the lender*

If you have any quesitons about 203K rehab loans, please leave a comment or send us a message.

Michael Inkman

Contact Michael


michael@michaelinkman.com
Mobile: (214) 762-4659
NMLS #152707
FIMC
Company NMLS #2289

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1800 Golden Trail Court
Carrollton, TX 75010

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