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FHA 203(k) Loans Can Make Buying a Fixer Upper Easy

FHA 203(k) Loans Can Make Buying a Fixer Upper Easy

August 24, 2015 By Crescent City Living

Sometimes, the home that best suits your wants and needs may not be suitable for your financing if you are using an FHA loan. FHA has a pretty stringent set of rules for property condition, so many home buyers assume that they can’t buy a fixer upper.

That’s not true.

Using an FHA 203k loan can be your solution to purchase that diamond in the rough you have your eye on.

What is a FHA 203k loan?

The FHA 203(k) loan is designed to allow you to roll your purchase price and the cost of renovations into one mortgage, as long as the cost of renovations exceed $5,000 and the value of the home after rehab still falls within FHA loan limits.

What are the loan limits?

As of March, 2021, the New Orleans metro FHA loan limits are as follows:

$356,362  Single Family
$456,275 Doubles
$551,500  3 plexes
$685,400  4 plexes

What types of renovations can be done?

The types of improvements that borrowers may make using Section 203(k) financing include:
•structural alterations and reconstruction
•modernization and improvements to the home’s function
•elimination of health and safety hazards
•changes that improve appearance and eliminate obsolescence
•adding or replacing floors and/or floor treatments
•major landscape work and site improvements
•enhancing accessibility for a disabled person
•making energy conservation improvements

What else do I need to know about FHA 203k loans?

All FHA loans require you to occupy the property, so this program is not intended for investors or for second or vacation homes.

Need some assistance getting started with the home buying process? We are happy to help! Call us at 504-327-5303 today.

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Filed Under: Buyers Tagged With: financing, fixer uppers

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What You Need To Apply and Get Approved For An FHA Loan
New Orleans Real Estate FAQ: Can I Cancel My Real Estate Contract?

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