203(k) Standard:

• Renovation costs must be at least $5,000

• Must use a 203(k) consultant

• 1-4 unit primary residences

• Manufactured Homes

• FHA approved Condos

• Site Condos

• Structural changes are allowed

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203(k) Limited:

• The cost of work cannot exceed $35,000

• 1-4 unit primary residences

• Manufactured Homes

• FHA approved Condos

• Site Condos

• Minor remodeling

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EXAMPLES OF ELIGIBLE PROJECTS:

• Repair/Replacement of roofs, gutters, and downspouts

• Repair/Replacement/upgrade of existing HVAC systems

• Repair/Replacement/Upgrade of plumbing and electrical systems

• Repair/Replacement of flooring

• Minor remodeling, such as kitchens, which does not involve structural repairs

• Painting, both exterior and interior

• Weatherization, including storm windows and doors, insulation, weather stripping, etc.

• Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers, and microwave ovens

• Accessibility improvements for persons with disabilities

• Lead-based paint stabilization or abatement of lead-based paint hazards

• Repair/replace/add exterior decks, patios, porches

• Basement finishing and remodeling, which does not involve structural repairs

• Basement waterproofing

• Window and door replacements and exterior wall re-siding

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Fannie Mae HomeStyle Renovation Loans:

• 620 credit score

• 1-4 unit primary residence

• 1-unit second homes

• 1-unit investment homes

• Multi-wide Manufactured homes

• PUDs

• Fannie Mae-approved condos

• 95% LTV on a 1-unit principal residence

• Renovations and Repairs up to $200,000

• 75% LTV on a 1-unit investment property

• No minimum dollar amount is required for repairs