Eugene Mortgage News

Save your money and roll your renovation costs into your affordable mortgage loan. Combines home and renovation costs into one mortgage loan, available for Purchases and Refinances.

• Minimum 580 credit score with a loan-to-value of 96.5% on purchase and 97.75% on refinance
• Eligible properties include 1-2 unit Primary Residences, Manufactured Housing, FHA Approved Condominiums and PUDS.
• Must work with a Licensed General Contractor -DIY projects are ineligible

FHA Limited 203k

• Cost of work cannot exceed $35,000-no minimum repair costs
• Can make minor remodel/fixes or repairs -
  • Upgrade plumbing/electrical system
  • Replace/Repair the roof
  • Purchase and installation of appliances
• Cannot make any structural changes
• Up to 3 months to complete the project
• No Hud consultant required

FHA Standard 203k

• Renovation costs must be at least $5,000-NO maximum repair amount
• Extensive renovation and/or structural repairs-
  • New roof,
  • Modern kitchen
  • Add a master suite
• Required use 203k HUD consultant-an expert involved throughout the process, including estimating the cost of repairs and inspecting the work performed
• Must begin work within 30 days of execution of the agreement
• Up to 6 months to complete the project

 
 **Programs for qualified borrowers. All borrowers are subject to credit approval, underwriting approval, and product requirements, including loan-to-value, credit score limits, and other lender terms and conditions. Fees and charges may vary by state and are subject to change without notice. Some restrictions may apply. Not a commitment to lend.