One World Realty in Jacksonville Florida
Charles Gaulden
904-859-1778904-859-1778

FHA 203k loans are there different qualifying standards than a typical FHA Loan

On FHA 203k loans are there different qualifying standards than a typical FHA Loan? No! credit qualifying is the same for any FHA loan with a Lenders. The only big qualifying difference is the Loan Amount as the buyer must qualify for a higher loan amount with a FHA 203k loan because of the additional repair/improvement monies. •What does it mean when a property is listed as HomePath Renovation eligible? Properties listed as HomePath or HomePath Renovation eligible are Fannie Mae foreclosures. Generally, we evaluate all of the renovation loans (and regular loans if the home is in good shape) and choose what is best for the buyer. Fannie Mae cannot make you use a particular product so please call if the agent is telling you that as sometimes it’s a matter of ensuring you are addressing the property concerns. To See if a property is HomePath or HomePath Renovation eligible visit www.HomePath.com. •What is the maximum amount of work that can be done with a HomePath Renovation loan? There is a $35,000 maximum for cost of renovation on a HomePath Renovation loan. However, both FHA 203(k) and Fannie Mae HomeStyles renovation loans do NOT have a hard Maximum Repair Amount. •Can you put in a pool with a FHA 203k or Conventional Renovation loan? Yes! With the standard conventional renovation loan you can purchase OR refinance and include the addition of a pool. You can also include fencing, pavers, summer kitchens, sidewalks etc. Pool repairs are also allowed with NO limits, as are dock and bulkhead repairs. NOTE – If your buyers are interested in new construction they can include the pool in their mortgage so the builder does not have to finance the project. CLICK HERE for more on POOLS!

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