FHA 203K

FHA 203K Full Loan
  • FHA 203k Streamline - The FHA 203k Streamline allows borrowers to finance the purchase or refinance of an existing home and make improvements or upgrades up to $35,000. $5,000 minimum repair costs required.
  • FHA 203k Full - The FHA 203k Full program allows borrowers to finance the purchase or refinance of an existing home and complete major renovations, rehabilitation or improvements, including structural repairs.
    • Make improvements or upgrades up to 50% of the “subject-to” appraised value*
    • The minimum total repair cost is $5,000
    • Considers the “after-improved” value of the property
    • Work is completed after loan closing
    • An escrow account holds the funds until repairs are completed

Check with your Carrington Mortgage Services Loan Officer for more information. The following are excluded: Manufactured Homes, Cash-out Refinance, Non-traditional Credit, Non-Occupant Co-Borrower and Down Payment Assistance programs.

*Requires a HUD approved Consultant on all transactions.