An FHA type loan which allows you to purchase or refinance a home and roll in all the improvements or repairs of the home into a single loan (repairs are less than $30,000).
Renovation loans can be done as a purchase or a refinance transaction
The 203K Limited Rehabilitation loan has the same features of the standard 203K loan but your repairs and all costs rolled in are less than $30,000. In addition, depending on the scope of the work (structural vs nonstructural) a consultant may not be required.
See 203K Standard page to view all the guidelines of the loan.
PLEASE NOTE: LOAN PRODUCTS AND THEIR GUIDELINES CAN CHANGE AT ANY TIME.
DISCLAIMER: This is not an offer to make a loan or to make a loan on any particular terms. All loan applicants must qualify under underwriting requirements and satisfy all contingencies of loan approval. Rates and terms subject to change without notice. Norcom Mortgage NMLS ID # 71655 (www.nmlsconsumeraccess.org)