2. The FHA 203k program for owner occupants only has a much larger renovation projects with the the upper limit being the after appraised value x 110% of the after improved value appraisal but that must include your purchase price and repair cost and you need to qualify for that loan.
3. The Streamlined k is for owner occupants only as well, and has no lower limit though many lenders have introduced a $2000 or $5000 minimum renovation cost. While this loan has a maximum loan limit of $35,000 don't think that way as it includes costs and fees. Many lenders require a contingency reserved which uses 10% of the construction costs even though there is no HUD requirement for a contingency on the Streamlined k.
3. There is another FannieMae loan product you might think about called the HomeStyle Renovation which has a limit of the renovation of no more than 50% of the "after improved value" appraisal. So, if your "after improved value is $300,000 then your renovation could be as high as $150,000 which is pretty good but you still have to loan qualify at that $300,000.
Let me know if you require additional info on any of these programs. IN your area there is Marcus Smith who I have had many praises on from people we have referred him to. You can find him on the HUD consultant list.
If you would like additional information, feel free to let me know.
Mountain Crest Mortgage
FHA loans are 100% insured by HUD (a federal govt agency) for the lender who makes loan.
Homepath Renovation Mortgage is FANNIE MAE loan program. http://www.fanniemae.com/homepath/financing/index.jhtml
Fannie Mae loans are self insured (by Fannie Mae and it is NOT a federal government agency)
Homes listed on HomePath.com are generally qualify for FHA loans. So you would wrap the 203(k) right behind the 203(b) to make your loan works. Or you could apply for a 203(k) as a refinance to repair your existing home.