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 Limited 203(k)

Home > Overview > Limited 203(k)

The Limited 203(k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers, and/or architects are not required. The maximum repair amount is $35,000, with no minimum requirement for repairs.

Up to 50% of documented materials cost can be advanced.

Additional costs that may be financed into the total amount of the improvements include: inspection fees, building and other permits, the supplemental origination fee, title update fees and the contingency reserve. The total loan amount with any additional costs included must not exceed the $35,000 limit.

The Limited 203(k) program can be used in conjunction with the Energy Efficient Mortgage(EEM). The EEM portion of the rehabilitation may exceed the $35,000 limit; however, all qualifying requirements and amount limitations under the EEM program must be met.

Mortgage payments cannot be financed; therefore, the property must be habitable throughout the rehabilitation. The repairs should be as such that these should not prevent the borrower from occupying the property for more than 15 days during the rehabilitation period.

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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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