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* Products
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TODAY’S RATES
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FHA 203K
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30 YEAR FIXED
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6.748% / 7.638%
(RATE/APR)
Purchase
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Refinance
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Apply Now
PURCHASE REHAB | 740 FICO
THE RATES ABOVE ARE BASED ON A LOAN AMOUNT OF $375,000 WITH AN APPRAISED VALUE
OF $540,000.
LOANS THAT DO NOT MEET THESE CRITERIA MAY HAVE A HIGHER INTEREST RATE AND ANNUAL
PERCENTAGE RATE (APR). MAXIMUM LOAN AMOUNT MAY VARY FOR YOUR COUNTY.
RATES ARE SUBJECT TO CHANGE WITHOUT NOTICE. NOT ALL APPLICANTS WILL QUALIFY.
INTEREST RATE AND APR ARE ESTIMATES AS OF 04/03/2024 03:31 PM.
I LOVE THE RATE. CALL ME!
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FHA 203K
RENOVATING YOUR HOME CAN BE A COSTLY AFFAIR, BUT A HOME IMPROVEMENT LOAN CAN
MAKE YOUR DREAM HOME A REALITY. TRANSFORM YOUR HOME INTO A MODERN LIVING SPACE
FOR YOU AND YOUR FAMILY WITH THE HELP OF FHA 203(K) LOAN OFFERED BY SUN WEST.
THE 203K PROGRAM IS A GREAT WAY TO FINANCE BOTH THE PURCHASE (OR REFINANCING) OF
A HOUSE AND THE COST OF ITS REHABILITATION THROUGH A SINGLE MORTGAGE OR TO
FINANCE THE REHABILITATION OF THEIR EXISTING HOME. THE KEY WORD HERE IS
"RENOVATION" - YOU CAN USE THIS PROGRAM TO REPAIR DEFICIENCIES, MAKE
MODIFICATIONS THAT INCREASE ACCESSIBILITY, IMPROVE ENERGY EFFICIENCY, AND MORE.
THE EXPENSES ASSOCIATED WITH HOME IMPROVEMENT AND REPAIR EFFORTS ARE ADDED TO
THE TOTAL LOAN AMOUNT THAT YOU SELECT TO BORROW AND CAN BE PAID OFF OVER A
PERIOD OF YEARS AS YOU PAY OFF THE MONTHLY PAYMENTS ASSOCIATED WITH YOUR
MORTGAGE.
THERE ARE TWO TYPES OF FHA 203(K) LOANS FOR YOU TO CHOOSE FROM: A LIMITED 203(K)
LOAN AND A STANDARD 203(K) LOAN.
LIMITED 203(K) LOAN
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A LIMITED 203(K) LOAN IS FREQUENTLY UTILIZED FOR HOMES THAT REQUIRE FEWER
REPAIRS. IT PROVIDES HOME BUYERS OR HOMEOWNERS WITH A MAXIMUM OF $35,000 FOR
RENOVATIONS. REPAIRS ALLOWED UNDER THIS PROGRAM ARE REPLACEMENT OF ROOF
SHINGLES, COSMETIC REPAIRS SUCH AS FINANCING PURCHASE/INSTALLATION OF NEW
APPLIANCES, PATCHING HOLES, REPLACING DOORS, PAINTING, LEAD PAINT ABATEMENT, NEW
COUNTERS, CABINETS, WINDOWS, CARPET, REPAIR/INSTALLATION OF HVAC,
WEATHERIZATION. MINOR REPAIR OF TERMITE DAMAGE ETC.
NOTE: STRUCTURAL REPAIRS AND ADDITIONS ARE NOT ALLOWED UNDER LIMITED 203(K) AND
MUST BE A STANDARD 203(K) IF STRUCTURAL REPAIRS ARE REQUIRED.
STANDARD 203(K) LOAN
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A STANDARD 203(K) LOAN IS TYPICALLY USED FOR MAJOR STRUCTURAL REPAIRS EXCEEDING
$35,000. RENOVATIONS MUST COST A MINIMUM OF $5,000. THIS PROGRAM INCLUDES ROOF
REPLACEMENT THAT INVOLVES RE-FRAMING OR STRUCTURAL CHANGES, HEALTH AND SAFETY
HAZARD MITIGATION, LANDSCAPING REQUIRED TO MITIGATE DRAINAGE OR EROSION ISSUES,
AESTHETIC LANDSCAPING WHEN APPRAISER VERIFIES THAT THE VALUE INCREASES THE
DOLLAR-FOR-DOLLAR COST, SIDEWALK/DRIVEWAY REPAIR NECESSARY FOR HOME ACCESS,
MAJOR REPAIR OF TERMITE DAMAGE, DRYWALL/INSULATION REPLACEMENT, MOST REPAIRS
WHICH REQUIRE PERMITS, FINISHING BASEMENTS. EGRESS WINDOW WELLS FOR BASEMENTS
WILL BE ADMISSIBLE.
ELIGIBLE PROPERTIES UNDER FHA 203(K) PROGRAM ARE:
1-4 UNIT PROPERTIES
PUDS
CONDOMINIUM (IN FHA APPROVED PROJECTS) AND SITE-CONDOS
MANUFACTURED HOUSING (MULTI-WIDE AND SINGLE-WIDE)
MANUFACTURED CONDO
NOTE: MANUFACTURED HOME MUST BE CONSTRUCTED AFTER JUNE 15, 1976.
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