Bowie Rehab Home Loans: (844) 204-2035

FHA 203k Full Renovation Loan in Bowie

FHA_203k_FullThe Standard 203k was created specifically for projects that warrant extensive work or repairs, projects that will take longer than six months to complete, or when rehab costs will exceed $35,000. Additionally, Standard 203k loans , Bowie Maryland have no maximum repair amount.

The Standard (k) loan option must be used when a property requires (or the borrower requests) structural work, such as a room addition or the removal or relocation of an interior or exterior wall.

Basics Of A Full FHA 203k Rehab Loan

A Standard 203k is also used if the project requires engineering or exterior grading or inspections. The Standard 203k must be used if the renovation work will prohibit the homeowner from occupying the residence during the process.

If the home is considered uninhabitable, up to six months of mortgage payments can be financed to cover monthly loan payments during the renovation process and help the homeowner pay for alternate housing during construction.

On a Standard 203k loan, Maryland FHA requires that a FHA-designated Consultant create and document a work plan before they will approve the loan.

The maximum mortgage amount allowed for a standard 203k is based on whichever is less:

  • The as-is value of the property plus the costs of repair and rehabilitation.
  • 110% of the projected value of the renovated property.

All 203k programs allow borrowers inBowie to finance the purchase price of the property, the closing costs, plus the cost of repairs.

Did You Know?
A rehab loan can be used for a purchase or refinance, and you do not have to be a first-time homebuyer to use it. Contact Us today at (844) 204-2035 to see how a 203k loan can increase the value of your property.

Which Rehab Loan Is Right For You?

(844) 204-2035

This is not a Government website. bowie.rehabloannetwork.com is not endorsed by the Department of Veterans Affairs or the US Department of Housing and Urban Development. The content on this site is for educational purposes only and is not an advertisement for a product or an offer to lend. If you have questions about the loan officers featured within our lender directory, please visit the Nationwide Mortgage Licensing System & Directory for more information and to check their licensing status at https://www.nmlsconsumeraccess.org.