Maryland FHA 203K
Here is are a few quick bullets that outline the guidelines for the different types Maryland 203k FHA mortgages.
For more information about a Maryland FHA Mortgage, Loan Limits, or FHA guidelines, please feel free to contact me directly.
Bill Sohan
410-963-2308
—————————————–
FHA 203K REHAB – Maryland
—————————————–
- This loan allows a customer to finance the purchase price, or the existing balance, and the cost of improvements into the loan amount
- Loan amount is determined by using the after improved value
- Can lend up to 110% of after improved value up to the FHA loan limit
- Single close, fully amortized loan
- Work is completed after close. Funds are held in an escrow account and disbursed as the work is completed
- 1-4 units, Condos, mixed use properties; Owner occupied only
- 6 months to complete the work
- Eligible with most local housing authorities
—————————————–
203K Streamline – Maryland
—————————————–
- $5K – $35K in repairs (no structural, mainly cosmetic, appliances, upgrades, etc). Repairs are health and safety, livability, no luxury
- No HUD consultant
- No inspections required for rehab amounts under $15k
—————————————–
203K – Maryland
—————————————–
- $5k minimum in repair amount. Most repairs allowed, still no luxury (pools, etc)
- HUD consultant required
- Inspections required prior to draw
- Can finance up to 6 months PITI into the loan if the home is uninhabitable during rehab
If you enjoyed this post, please consider subscribing to our FHA Mortgage Loan Blog feed and get future articles delivered to your feed reader. You can also share this article using the 'Share This' tool below.
Bill Sohan's RSS Feed
Comments
No comments yet.
Sorry, the comment form is closed at this time.