LCD Mortgage
  • Sign In

  • My Account
  • Signed in as:

  • filler@godaddy.com


  • My Account
  • Sign out

  • Home
  • Schedule Consultation
  • Testimonials
  • Staff
  • Resources
  • Mortgage Calculator
  • More
    • Home
    • Schedule Consultation
    • Testimonials
    • Staff
    • Resources
    • Mortgage Calculator
LCD Mortgage

Signed in as:

filler@godaddy.com

  • Home
  • Schedule Consultation
  • Testimonials
  • Staff
  • Resources
  • Mortgage Calculator

Account


  • My Account
  • Sign out


  • Sign In
  • My Account

FHA Standard 203k Rehabilitation Mortgage

prequalify for home loan

Standard 203k Mortgage Basics

This program is to be used to renovate an existing property, not build a new construction home. The home must have been completed at least one year before the case number assignment date for the new 203k loan to qualify. Eligibility will be determined by examining the borrowers’ income, assets, liabilities, and credit history and score, as well as the market value and condition of the property to be financed.

Requirements include:

  • Minimum repair cost of $5000
  • Use of a 203k consultant, an expert involved throughout the process including estimating the cost of repairs and inspecting the work performed, is required
  • Only one General Contractor may be used
  • Work must begin within 30 days of the execution of the Agreement
  • Work must be completed within six months, or the time period dictated in the Agreement, whichever is shorter
  • The amount borrowed must be within FHA loan limits which vary by county and are higher in parts of the country where real estate is more expensive
  • The appraisal report must provide an “as completed” appraised value that estimates the value of the property after completion of the renovation work
  • 620 minimum FICO score
  • 10 year, 15 year, 20 year, 25 year, and 30 year term options
  • One or Two Unit Homes, Manufactured Homes, Approved Condos, PUDs
  • Primary Residence Only
  • Projects must only include allowable improvements

fha lenders

Some improvements include:

  • Structural alterations and additions (with upfront approval)
  • Upgrade or modernization of central air/heat, plumbing, and electrical systems
  • Repair or replace well and septic systems
  • Repair termite or moisture damage
  • Elimination of health and safety hazards such as asbestos & lead based paint abatement
  • Basement waterproofing
  • Remodeling of kitchen and bathrooms
  • Roofing, gutters, downspouts
  • Flooring, tiling, and carpeting
  • Interior and exterior painting
  • Siding, windows, doors, and trim work
  • Energy conservation improvements
  • Improvements for disability accessibility
  • New free standing appliances
  • Foundation repair
  • Addition or replacement of exterior decks, patios, terraces, and porches
  • Permanent hardscape such as driveways, walkways, retaining walls, and fences

Some examples aren’t approved, such as:

  • Improvements that are not permanently attached to the property
  • Improvements for business or commercial purposes
  • Landscaping that is not permanent hardscaping such as sod, trees, shrubbery or their removal
  • Luxury items such as swimming pools, hot tubs, tennis courts, gazebos, outdoor kitchens, or saunas
  • Any repair/removal/remediation of Oil Tanks
  • Cashback on Rate/Term Refinance transactions is not permitted
  • Self-Help is not permitted

Apply now

LCD Mortgage, Service and Integrity

195 Route 46 West, Suite 7, Totowa, NJ 07512

Phone: (973) 435-2800 Fax: (973) 870-0089

  • Home
  • Schedule Consultation
  • Testimonials
  • Staff
  • Resources
  • Mortgage Calculator
  • 203k Details
  • Mortgage Scam Alert