203K Maximum Loan Amount

The full 203k loan is used for homes that need major rehabilitation, or when repairs are structural in nature, involve landscaping, or if the total renovation costs exceed the $35,000 limit of the 203 k streamline loan.

There are two types of FHA 203k Loans: Standard/Rehab (minimum $5,000 up to FHA maximum loan amount) & the Streamline ($0.

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Last Updated 04/01/2016 STANDARD 203(k) PURCHASE Page 2 of 2 Step 4: Additions to initial base mortgage amount for EEM, and/or Solar/Wind Energy. Note: If no EEM or Solar/Wind additions, then Initial Base Mortgage amount (3F) = Final Base Mortgage amount (4G) A. energy efficient mortgage (eem) Improvement Amount $________. B.

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The maximum amount of money a lender will give you under an FHA 203k depends on the type of loan you get (regular vs. streamlined and purchase vs. refinance loan). With a regular FHA 203k, the minimum amount you can borrow is $5,000.

An FHA 203k loan acts as a home renovation and home purchase loan, and renovation costs) must be lower than the maximum loan limit for your area.

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.

Maximum mortgage amount is the FHA loan limit for the county where the property is located. Documentation Needed for a 203k Rehab Loan & Streamline 203k Rehab Loan. In addition to the documents needed for a standard FHA loan, the following documents will also be needed for an FHA 203k loan and a Limited 203k loan:

This workesheet takes you through the FHA 203K maximum mortgage worksheet and how to calculate your loan amount when using a renovation mortgage. For more information go to www.

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