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203(k) | Basics

One Valuable Program with Two Great Options

  • The Streamline Option is available for smaller or simpler scenarios where the total cost of renovations adds up to $35,000 or less. There is no minimum dollar amount of repairs or improvements required.
  • The Full or Consultant Option is available for larger projects that are more than $35,000 or contain structural work (load bearing walls, etc.). This option requires the expertise of a trained HUD Consultant to help supervise the project. There is no limit on the total dollars you can spend, however FHA loan limits apply).
  • Loan terms for both options are the same; the only difference is the scope or nature of the work being completed.
  • Most homes can be completely remodeled in 60 days or less, but for larger projects you have up to six months to complete your dream renovations.

 

What type of repairs does a 203(k) loan cover?

  • Roofs, Gutters, Down Spouts
  • Heating and Cooling Systems
  • Plumbing and Electrical Systems
  • Kitchen and Bathroom Remodeling
  • Basement Remodeling
  • Expanding Attics
  • Room Additions and Garages
  • Window and Door Replacement
  • Carpet and Flooring
  • Painting and Siding
  • Appliances
  • Mold and Lead Paint Abatement
  • Foundation and Water Damage
  • Well and Septic Systems
  • Contact your REMN Mortgage Loan Originator for a detailed list

 

Why should I use an FHA 203(k)?

  • Save money on utility bills and maintenance cost (make home ownership more affordable)
  • Save on out-of-pocket costs
  • Increase a home’s resale value (build immediate equity)
  • Address any potential health and safety issues in your home.
  • Improve the comfort and enjoyment of your home
  • Take advantage of government-sponsored incentives designed to lower the cost of home ownership.

 

What makes REMN different from other 203(k) lenders?

  • REMN is a FNMA direct lender.
  • REMN will not sell your loan to any other lender.
  • REMN processes, underwrites, closes and administers all the renovation draws and you make your mortgage payments directly to REMN Servicing Company.
  • REMN Concierge Service will assist each home buyer / home owner with questions, concerns and more so you are never left feeling out of control or uninformed.
  • REMN has a trained Specialist in your local market to assist you to pick the right options to meet your personal goals and objectives.
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