Combine your home purchase and renovation financing into a single FHA 203k loan. Put down as little as 3.5%, and turn a fixer-upper into your perfect home with one simple process.
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| County | FHA Loan Limit |
|---|---|
| Androscoggin | $472,030 |
| Aroostook | $472,030 |
| Cumberland | $546,250 |
| Franklin | $472,030 |
| Hancock | $472,030 |
| Kennebec | $472,030 |
| Knox | $472,030 |
| Lincoln | $472,030 |
| Oxford | $472,030 |
| Penobscot | $472,030 |
| Piscataquis | $472,030 |
| Sagadahoc | $546,250 |
| Somerset | $472,030 |
| Waldo | $472,030 |
| Washington | $472,030 |
| York | $546,250 |
This is an estimate and does not include taxes, insurance, HOA fees, or other costs.
Contact us for a personalized quote based on your specific situation.
Search for properties in Maine that have potential and fit your budget.
We'll review your finances and determine your loan amount for both purchase and renovations.
Select a qualified contractor and get a detailed renovation estimate for the HUD inspection.
Close on your home and begin renovations. Funds are dispersed as work is completed.
An FHA 203k loan is a specialized mortgage product that allows you to finance both the purchase of a home and its renovation costs in a single loan. Instead of buying a property and then needing a separate loan for repairs, the 203k combines these into one simple process. You can finance up to 110% of the property's post-renovation value, with as little as 3.5% down.
203k Limited: For renovation projects up to $75,000 that involve cosmetic or non-structural work. This option has a faster approval timeline and doesn't require a HUD consultant. 203k Standard: For larger renovation budgets (over $75,000) and structural work like roof repairs, additions, or system upgrades. This option requires a HUD consultant but offers more flexibility for major renovations.
The FHA 203k loan requires a minimum down payment of 3.5% of the property's post-renovation value. This is one of the lowest down payment requirements in the mortgage industry, making it an excellent option for first-time homebuyers who want to invest in a property with character and potential.
FHA 203k loans typically require that major work be completed by licensed contractors. However, some types of cosmetic work or repairs may be eligible for owner-builder status depending on the scope of work and your qualifications. We'll review your specific situation and help you understand what options are available for your project.
The timeline varies depending on whether you choose the Limited or Standard program. 203k Limited projects typically close in 45-60 days. 203k Standard projects may take 60-90 days due to the HUD consultant inspection and more detailed underwriting. We'll keep you informed throughout the process.
While FHA loans are more flexible than conventional mortgages, we typically look for a minimum credit score of 580-600 for approval. However, each application is reviewed individually, and lower scores may be considered depending on compensating factors like a larger down payment or lower debt-to-income ratio. Let's discuss your specific situation.
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