I hope this information helps! Best Wishes!
CFS Mortgage - http://www.cfs203k.com
To my knowledge few lenders can offer it. Seems maybe just a couple of retail/big-bank places offer the Renevation. Cost of renevation go up to the lessor of 35% of after completed value or $35,000.It seems this program is lienient; no restrictions of what can or can't be done. LTVs range from 97% OO to 75% NOO.
There's two types: a 203k Limited Repair (also called Streamline) or a 203k Rehab. Both of these can go up to 110% LTV (based of Maximum Mtg Worksheet). The repairs that can be done on this program are limited/restricted to a list. Couple of the main restrictions: Cannot build an addition, cannot add square footage to add an extra bathroom or bedroom.
To put it short, you'll have more flexibility going with the Renovation Program for what repairs or what kind of renovation is eligibile. FHA, you'll have more flexibility in working with the client.
If you have any questions or if I could help further give me a call or send me an email.
Best to you in your search,
Licensed Ohio Loan Officer
Licensing: NMLS: 5601 OH.LO.004495.000
First Priority Financial, Inc.
"Where Open Minds Close More Home Loans"
748 N Court St Ste 201
Medina, OH 44256
MBMB.850147.001 NMLS: 3257
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