Fixer Upper Buyer Solution

If your in the market for a home that needs repairs but really can’t do the work yourself, here could be the solution. Loan and information provided by Dawn Legue, Loan Officer for PRMG Mortgagte Company.

Photo by Ben Mack on Pexels.com

Renovation Program Comparison Matrix
Revised 09/24/18 Information provided deemed reliable but not guaranteed. Restrictions may apply, see Product Profiles for complete requirements. Information subject to change without notice. Page 1 of 2
Homestyle Renovation 203K Standard 203K Limited
Types of Repairs
• Health and safety, livability
• Structural repairs allowed
• Luxury items allowed
• Health and safety, livability
• Structural repairs allowed
• Luxury items not allowed
• Health and safety, livability
• Structural repairs not allowed
• Luxury items not allowed
Minimum repair
amount
No minimum limit $5,000 No minimum limit
Renovation amount
• Purchase: Maximum renovation costs of
75% of the lesser of acquisition costs (sales
price plus renovation) or after-improved
value
• Refinance: Maximum renovation costs 75%
of the after-improved value
Total renovation costs are
contingent upon the appraised
property value
Total renovation costs may not exceed $35,000
Mixed-use properties Not allowed Allowed Allowed
Property age No age restriction 1-year old 1-year old
Number of contractors General contractor General contractor Maximum of 3 contractors
Self-help Not allowed Not allowed Not allowed
Loan types Fixed rate and ARMs Fixed rate and ARMs Fixed rate and ARMs
Loan limits
(High-Balance available in
applicable areas)
Conventional loan limits FHA county loan limits FHA county loan limits
Transaction types Purchase
Rate/term refinance
Purchase
Rate/term refinance
Purchase
Rate/term refinance
Occupancy types
Owner-occupied
Second homes (1 unit only)
Investment (1 unit only)
Owner-occupied only Owner-occupied only

For more information feel free to contact me at Watson Realty Corp. Vero Beach Florida.

#SIMPLE.SAFE.SOLD

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