Renovation Lone Program Comparisons

FHA 203k – Limited FHA 203 – Standard Homestyle
Lone Type Purchase or Refinance Purchase or Refinance
Property Type Purchase and renovate most residential properties Purchase and renovate most residential properties
I-4 Unit Primary Residence
Condo/Townhouse
I-4 Unit Second Home
I-4 Unit Investment Property
Minimum Down Payment 3.5% Primary Residence Only Purchase 2.5% Primary Residence Only Refinance 5% Primary Residence (SFR) Purch or Refi
Gift Funds Permitted per HUD guidelines Permitted per FNMA guide lines and allowed only on primary residences.
Mortgage Amount Per FHA Conforming Loan Limits and based on County limits. Conventional Conforming Loan Limits
Mortgage Insurance (MI Required)
Maximum Renovation Amounts Total of all costs not to exceed $35,000. No minimum on repair costs. No Maximum as longs as morgage amounts are within county guidelines for FHA loans. There is a minimum of $5,000 for repairs. Total of all costs not to exceed 50% of the “as completed” value of the home. No minimum on repair costs.
Allowable Repairs From flooring to painting, updating kitchen, bath, new appliances and more. No Major remodeling structural repairs or alterations, luxury items or landscaping. From structural changes to landscaping, new appliances, and more. No luxury items allowed. From structural changes to landscaping new built in appliances swimming pools and more.