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 Limited(k) vs. Standard(k)

Home > Overview > Limited(k) vs. Standard(k)

Limited(k)

vs.

Standard(k)


Maximum of 2 draws with one initial draw for materials and one final draw after the work is completed.

Mortgage payments cannot be financed; therefore the property must be habitable at the time of closing.

Minor cosmetic repairs are allowed.

Maximum of 5 draws inclusive of the final draw. A HUD Consultant determines the draws after specific phases of the project. An initial draw is not allowed.

Up to 6 months of mortgage payments are allowed to be financed.

Complex repairs and renovations are allowed.

Allowable Repairs

Limited(k) Repairs

Standard(k) Repairs


Carpet

Minor termite damage

New counters, cabinets

Patching holes, replacing doors

Repair/installation of HVAC systems

Lead-based paint abatement, painting

Purchase/installation of new appliances
Patios and decks

Roof

Finishing basements

Health and safety mitigation

Major repair of termite damage

Drywall/insulation replacement

Most repairs that require permits

Landscaping, Site improvements, patios, decks and terraces
 

203(k) Rehab Guide Quick Jump

203(k) Rehab Loan FAQs

 

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At Sun West, the complete loan cycle is processed in-house. From origination to underwriting and servicing, Sun West ensures you receive a simpler, faster, more direct borrowing experience with no back and forth intricacies. To see if you are pre-qualified or to obtain more information, call (866) 740 3677.

 
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