FHA 203K Rehabilitation

Eligible Loan Channels

To be eligible, a Wholesale account must be HUD Approved or and sponsored by an Agent.

Product Type

30 Year Fixed Rate Mortgages

Sales Focus
This program is designed by the United States Department of Housing and Urban Development (HUD) for the rehabilitation of a primary residence.  Section 203(k) insurance enables homebuyers and homeowners to finance either the purchase or a refinance of a house and the cost of its rehabilitation through a single mortgage.

Geographic Restrictions

  • Available in CT, DC, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT and WV.
  • For CT “Nonprime” loans, restrictions apply; please see CT State law for specific requirements.
  • NY “Subprime” loans are not permitted

Eligible Borrowers
The following borrower types are eligible:

  • U.S. Citizens residing within the U.S
  • Permanent Resident Aliens
  • Non-Permanent Resident Aliens
  • Non-Occupant Co-Borrowers (Maximum LTV is 75% for unrelated borrowers.  If borrowers are related by blood, the LTV can exceed 75% for one-unit properties only)

Ineligible Borrowers
The following borrower types are ineligible:

  • Foreign Nationals
  • ITIN Borrowers

Eligible Properties
The following property types are eligible and must conform to HUD guidelines:

Ineligible Properties

Colonial Mortgage Group

Company NMLS# 70452
Paul Skeens NMLS# 7392
www.nmlsconsumeraccess.org

Licensed:  MD 17542  DC MLB70452  FL MBR1384
Licensed by the Virginia State Corporation Commission License #MC5185 & MLO-2351VA
Licensed by the PA Department of Banking License #MB35217

By refinancing your existing loan, the total finance charges may be higher over the life of the new loan.

 

Phone: 301-932-4610
Toll Free: 877-248-0500
Fax: 301-500-1201

3261 Old Washington Road Suite 1011
Waldorf, MD 20602

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