Mortgage Loan Programs and Eligibility Requirements

A comparison of available loan programs - conventional, FHA, VA, USDA, jumbo, HELOC and specialty financing - with the credit, down payment and property rules that decide which one fits.

There are two versions: the Limited 203(k) for smaller cosmetic projects and the Standard 203(k) for major structural renovations.

Benefits of a 203(k) loan

• One loan covers the home price and renovation budget
• Low FHA down payment requirements apply
• Turn a fixer-upper into your ideal home with built-in financing
• Refinance and remodel your current home in one step

What to consider

• Renovation work must be completed by approved contractors
• FHA mortgage insurance applies
• Standard 203(k) projects require a HUD consultant

Ready to explore fha 203(k) renovation loans? Jonathan Leidel can walk you through eligibility, compare options, and get you pre-approved in Florida and 4 more states.

Jonathan Leidel, Producing Branch Manager at Buying a new home or refinancing? Local Mortgage Authority are top-rated brokers offering competitive rates from our Asheville, NC & Spartanburg, SC offices.. NMLS #1312477. Call (828) 242-5597.

• Conventional loans for strong credit and steady income
• FHA loans with flexible credit and low down payment
• VA loans with no down payment for eligible veterans
• USDA loans for eligible rural and suburban properties
• Jumbo, DSCR, bank statement and bridge financing