HomeStyle

• Max loan amount $766,550
• Owner occupant, second homes and investment properties
• Condos, one to four units allowed (manufactured homes not allowed)
• Renovation costs up to 50% of the after improved value
• Incomplete properties when the builder went out of business allowed
• No restrictions on improvements (must be permanently fixed to property and add value)
• Contingency reserve is allowed from out of pocket

FHA 203K

• 3.5% minimum down payment requirement
• Maximum loan amount of $498,257
• Upfront mortgage insurance premiums financed into loan
• Monthly mortgage insurance premium
• Existing homes eligible
• Seller concessions 6%
• Condominiums may be eligible, must be on FHA approved list
• No income limits
• No minimum on renovation costs
• Gifts and DPA’s allowed

You can do any repairs or improvements to the home with a minimum amount of cost of $5,000. There are no limits as to the amount of the rehab costs as long as the total acquisition costs do not exceed the maximum FHA loan limits.