February 11, 2022
Is There A Smaller FHA Rehab Loan?
The FHA 203(k) rehab loan is an excellent choice for borrowers who need to repair, upgrade, or renovate an existing home. But some borrowers don’t have ambitious, large-scale work to be done and a “full” 203(k) rehab loan might not be appropriate for smaller-scale work. Is there an option for borrowers who need an FHA 203(k) rehab loan but don’t need a very large sum of money to do the work? The FHA Limited 203(k) Rehab Loan The limited FHA 203(k) allows borrowers to apply for rehab loan funds, but the loans in this case have a maximum total repair cost of $35,000 and no repair cost minimum. This type of rehab loan is an excellent choice for borrowers who want to work on the home but without fully refinancing | more...