Eligible Improvements

If you are not currently utilizing or considering the program for any purchase transaction, ask yourself the following questions:

  • Why?

  • Is it because you believe

  • It to be too hard?

  • Too time consuming?

  • You heard it is more a nuisance than a help?

FHA 203K renovation loans are not as complicated as you may think. At Annie Mac Home Mortgage, all underwriting and processing is handled in-house. We manage the process from start to finish and can close in as little as 45 days!

Put these myths to rest and start using the FHA 203K mortgage program. Last year alone, 203K renovation loans were up by 28%.


RENOVATING AND BUILDING ONE HOME at a Time

Benefits to Borrowers

  • Create your Dream Home.

  • Renovate your home with little or no additional out-of-pocket expenses and a LOW down payment.

  • Combine the purchase and renovation costs into one LOW interest, tax-deductible* loan that is based on the projected value of the property.

  • Include up to 6 mortgage payments in the total loan amount to cover the rehabilitation period.

  • Submit a strong purchase offer to the Seller.

  • Less competition from other buyers who are not in the market for a fixer upper, offering greater negotiating power on home purchases.

  • Choose from a greater selection of homes on the market in any condition, including condos, townhouses, mixed use, multi-family and single family homes that do not currently meet FHA minimum property standards.

Streamline

  • Kitchens - countertops, cabinets, etc.

  • Purchase and installation of new appliances

  • Repair/replacement of roofs, gutters, downspouts

  • Upgrade existing HVAC systems

  • Upgrade plumbing and electrical

  • Flooring

  • Decks, patios

  • Painting

  • Basement finishing/remodeling

  • Minor remodeling - no structural repairs

  • Disability access improvements

  • Connect property to public utilities

  • Window and door replacement

  • Septic system and/or well repair or replacement


Full 203K

  • All of the above plus...

  • Anything that will become a permanent part of the property

  • Structural renovations

  • Swimming pool repairs up to $1,500

  • Installation or repair of well or septic

  • New free standing appliances

  • Landscaping

  • No luxury items - hot tubs, pools, etc.

Contractors

Because a FHA 203K renovation loan is not a typical loan and is a unique government-insured loan with specific FHA requirements, it is important to partner with a contractor who has been properly educated and experienced. To help assist borrowers, Annie Mac Home Mortgage is now verifying contractors who are qualified in 203K renovation process.

BENEFITS OF A FHA 203K RENOVATION LOAN PROGRAM

The FHA 203K renovation loan is widely under
utilized and not for any good reason other
than myths. 

Your new home awaits.