Buyer Resources
HUD’s Renovation FHA 203(k) Loans in North Coastal San Diego County: San Elijo Hills, Fairbanks Ranch, La Costa, The Crosby, Encinitas, Leucadia, Olivenhain, Carlsbad, Aviara, Rancho Santa Fe, Cardiff-By-The-Sea, Carmel Valley, Del Mar and Solana Beach
Your Dream Home Is Within Reach!
With HUD’s Renovation FHA 203(k) Loan, borrowers may:
- Purchase, Upgrade and Repair a Property All Under the Same Loan.
- Repair or Replace Roofs, Flooring, Plumbing or Electrical Systems.
- Remodel Kitchens and Baths.
- Purchase and Install Appliances including Free Standing Ranges, Refrigerators, Washers/Dryers, Dishwasher’s and Microwave Ovens.
This program allows borrowers to PURCHASE or REFINANCE a property and include in the loan the cost of making the repairs and improvements up to 110% of the FUTURE value of the home with a minimum of 3.5% down payment.
There are two different types of Renovation FHA 203(k) Loans available…Streamline and Standard:
1. The Streamline Loan is an all in one limited repair loan. It allows borrowers to finance the purchase of an existing home and make improvements for upgrades up to $35,000 before move in. There are no minimum repair costs and the buyer much occupy the property. Investors are not eligible.
Eligible Improvements include:
- Roofs, gutters and downspouts
- HVAC systems
- Plumbing and electrical systems
- Flooring
- Kitchens and baths
- Painting interior and exterior
- Weatherization
- Appliances
- Accessibility improvements for persons with disabilities
- Stabilization or abatement of lead based paint hazards
- Decks, patios and porches
- Basements
- Windows, doors and exterior siding
- Septic systems and wells
2. The Standard Loan insures mortgages covering the purchase or refinancing and rehabilitation of a home that is at least one year old. A portion of the loan proceeds is used to pay the seller, or if a refinance, to pay off the existing mortgage. The remaining funds are placed in an escrow account and released as rehabilitation is completed. The cost of the rehabilitation must be at least $5000 and loan limits are based on the property type and location. The buyer must occupy the property and investors are not eligible.
Eligible Improvements include:
- Structural alterations and reconstruction
- Changes for improved functions and modernization
- Elimination of health and safety hazards
- Changes for aesthetic appeal and elimination of obsolescence
- Reconditioning or replacement of plumbing
- Installation of well or septic system
- Roofing, gutters and downspouts
- Flooring, tiling and carpeting
- Energy conservation improvements
- Major landscape work and site improvement
- Improvements for accessibility to a disabled person
Eligible Properties include:
- One to four family dwelling that has been completed for at least one year
- Mixed use
- Condominiums
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