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
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FHA 203K REHAB – Maryland
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- 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
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203K Streamline – Maryland
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- $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
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203K – Maryland
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- $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
