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Renovation Loan
Comparison FHA 203k Limited
FHA 203k Consultant
FNMA Homestyle
VA Reno
Occupancy Type
Owner-Occupied
Owner-Occupied
Owner, Second Home and Investor
Owner - Occupied
Maximum LTV
Purchase – 96.50% Refinance – 97.75%
Purchase – 96.50% Refinance – 97.75%
Owner – 95% Second Home – 90% Investor – 85%
Purchase - 100% Refi - 100%
High Balance Available?
Yes
Yes
Yes
No
Minimum Amount of Repairs
None
$5000.00
None
None
Maximum Amount of Repairs
$35,000
No Limit
50% of after improved appraised value
35,000
Mortgage Insurance
Always
Always
Only if above 80%
Always (Unless Disabled)
Appraisal Requirement
110% of after-improved value – condo 100% of after
110% of after-improved value – condo 100% of after
100% of after improved value
100% of after improved
Maximum Contractors
3
3
3
1
Borrower Self Help
No
No
No
No
Borrower/Contractor Relationship
Not Allowed
Not Allowed
Allowed
Not Allowed
Types of Repairs Allowed
Non-structural, cosmetic and no landscaping
Structural, non structural, cosmetic and landscaping
Non-Structural – Structural, cosmetic and landscaping
Non-Structural cosmetic & no landscaping
Construction of Outbuilding
No
Yes
No
No
Construction of Pools
No
No ($1500 for repairs)
Yes
Repair or Remove
Building Additions
No
Yes
Yes
No
Mold/Lead Paint Removal
Yes
Yes
Yes
Lead Only
Foundation Work
No
Yes
Yes
No
Tear Down/Rebuild
No
Yes
No
No
* Licensed by the N.J. Department of Banking and Insurance
Amanda Tuttle
Mortgage Loan Office NMLS # 425139 Cell: 814-566-2452 Fax: 757-605-4950 Email: [email protected] Web: www.twmortgage.com/atuttle
NMLS #71158 / www.nmlsconsumeraccess.org
Revised 2/3/17
Comparison FHA 203k Limited
FHA 203k Consultant
FNMA Homestyle
VA Reno
Occupancy Type
Owner-Occupied
Owner-Occupied
Owner, Second Home and Investor
Owner - Occupied
Maximum LTV
Purchase – 96.50% Refinance – 97.75%
Purchase – 96.50% Refinance – 97.75%
Owner – 95% Second Home – 90% Investor – 85%
Purchase - 100% Refi - 100%
High Balance Available?
Yes
Yes
Yes
No
Minimum Amount of Repairs
None
$5000.00
None
None
Maximum Amount of Repairs
$35,000
No Limit
50% of after improved appraised value
35,000
Mortgage Insurance
Always
Always
Only if above 80%
Always (Unless Disabled)
Appraisal Requirement
110% of after-improved value – condo 100% of after
110% of after-improved value – condo 100% of after
100% of after improved value
100% of after improved
Maximum Contractors
3
3
3
1
Borrower Self Help
No
No
No
No
Borrower/Contractor Relationship
Not Allowed
Not Allowed
Allowed
Not Allowed
Types of Repairs Allowed
Non-structural, cosmetic and no landscaping
Structural, non structural, cosmetic and landscaping
Non-Structural – Structural, cosmetic and landscaping
Non-Structural cosmetic & no landscaping
Construction of Outbuilding
No
Yes
No
No
Construction of Pools
No
No ($1500 for repairs)
Yes
Repair or Remove
Building Additions
No
Yes
Yes
No
Mold/Lead Paint Removal
Yes
Yes
Yes
Lead Only
Foundation Work
No
Yes
Yes
No
Tear Down/Rebuild
No
Yes
No
No
* Licensed by the N.J. Department of Banking and Insurance
Amanda Tuttle
Mortgage Loan Office NMLS # 425139 Cell: 814-566-2452 Fax: 757-605-4950 Email: [email protected] Web: www.twmortgage.com/atuttle
NMLS #71158 / www.nmlsconsumeraccess.org
Revised 2/3/17
