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Rates subject to change without notice
Most Florida Counties FHA Loan Limit for 2023 is $472,030 | Monroe County FHA Loan Limits are higher at $847,000
The Federal Housing Administration sets FHA loan limits on an annual basis.
Check to See your Florida FHA Loan Limit here
The FHA 203k loan is a unique type of mortgage that allows home buyers and existing homeowners to finance both the purchase or refinancing of a home, as well as the cost of its renovations, into one mortgage loan. This can be a great option for those looking to purchase a fixer-upper or for current homeowners who want to renovate their home but don’t have the funds to pay for the renovations upfront.
The loan is backed by the Federal Housing Administration [ FHA ], which provides some added security and flexibility compared to traditional mortgage loans. However, it’s important to note that there are some specific requirements for obtaining an FHA 203k loan, including a minimum credit score, income requirements, and restrictions on the types of renovations that can be funded with the loan.
It may be a good idea to work with a lender who specializes in FHA 203k loans to help guide you through the process and determine if this type of loan is the best fit for your needs and goals.
There are two main types of FHA 203k loans: the Standard 203k and the Streamline 203k.
Standard 203k: The standard 203k loan is a more comprehensive renovation loan program, allowing home buyers or homeowners to finance both the purchase or refinance of a home and the cost of renovations with a single loan. This loan program is ideal for those who need to make major structural repairs or renovations to a property, and allows borrowers to borrow up to 110% of the property’s future value after the improvements have been made.
Streamline 203k: The streamline 203k loan, also known as a limited 203k loan, is a simpler and quicker version of the standard 203k loan. It is designed for smaller renovation projects that do not require structural changes and typically has lower loan amounts, more lenient requirements, and a faster turnaround time. Borrowers can use this loan to finance repairs and improvements up to a maximum of $35,000.
It’s important to carefully consider the type of 203k loan that is right for you, based on the nature and scope of the renovations you need to make, as well as your financial circumstances.
When your ready to get started on your FHA 203k loan, we are FHA 203k Experts to guide you through the entire process, the first step is getting you pre-approved. You can apply online or you prefer to speak with one of our FHA Mortgage Experts, we would be happy to speak with you. Call or text us at 407-955-4575.