FULL 203K HOME IMPROVEMENT LOAN
The Full 203K Home Improvement Loan allows for a full remodel of a home, including taking the house down to the foundation and starting over. In addition to the repairs outlined in the webpage about the FHA 203K Streamline loan, the FULL 203K allows for:
- Room Additions
- Garage Additions
- Full Kitchen and Bath Remodels
- Adding or removing units
- In-ground swimming pool rehab
- Landscaping
- Adding Solar
This loan program however does not allow for luxury items such as exterior hot tub, sauna or spa, ourdoor fireplaces or BBQ pits, new swimming pools, satellite dishes, tennis courts, additions or alternations for commercial use, tree surgery, to name a few.
The Full 203K Home Improvement loan requires a 203K Consultant and it best overseen by a General Contractor. When selecting a contractor, be sure that they understand that the Full 203K loan does not release funds in advance of work done, only upon completion of work. The Full 203K loan allows for up to five draws and your 203K Consultant will be inspecting the work and authorizing the draws. While some contractors will hesitate at funding the project upfront, because the Renovation Funds are held in escrow, the contractors can be assured that they will be paid for the project completion. Per HUD requirements, the project must be completed within 6 months of the loan closing.
If you have additional questions, please complete the Got a Question? form below. Let us know if you would like us to send you our FREE 203K Step-By-Step Guide.
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