Get the Right Financing for You
Purchase & Renovation Financing
FHA 203(b) with Escrow Hold Back*
Repairs up to $5,000 (Click here for details)
- Minimum Health & Safety FHA Requirements
- Pest Repairs
FHA 203(k) “Streamline” Renovation Loan
Repairs & Renovation $5,000 to $35,000* plus qualifying EEM items (Click here for details)
- Minimum Health & Safety FHA Requirements
- Pest Repairs
- HUD/FHA 203(k) Consultant or fee NOT REQUIRED
- No structural or landscaping
- Repairs & Upgrades:
- Paint, Drywall, Stucco, Window Coverings
- Carpet, Tile, Hardwood, Marble, Granite
- Appliances, Lighting, Plumbing Fixtures
- Cabinets, Doors, Hardware, Accessories
- Plumbing, Electrical, Heating & Air Conditioning
- Windows, Insulation, Roofing
FHA 203(k) “Full” Renovation Loan
Repairs, Renovation & Additions $35,000 to $580,000*
(Click here for details)
- Minimum Health and Safety FHA Requirements
- Pest Repairs
- HUD/FHA 203(k) Consultant REQUIRED
- Structural changes & additions
- Landscaping, pool repair, and luxury upgrades included
- Repairs & Upgrades:
- Paint, Drywall, Stucco, Window Coverings
- Carpet, Tile, Hardwood, Marble, Granite
- Appliances, Lighting, Plumbing Fixtures
- Cabinets, Doors, Hardware, Accessories
- Plumbing, Electrical, Heating & Air Conditioning
- Windows, Insulation, Roofing
FHA 203 Loan Program Overview (*see your lender for details) (Click here for details)
- Owner occupied only (1-4 units)
- 3.5% down payment
- Meets minimum property conditions
- Lend on 110% “after improved value”
- Fixed or adjustable rate
- Amount includes renovation costs
- Single fully amortized transaction
- FHA high loan limits* apply
- 6% seller concession allowed
- Gift funds allowed
- Down payment assistance allowed
- Co-borrowers blended ratios allowed
- Assumable
- Commissions paid at closing
- Upfront & monthly mortgage insurance premium required
- Minimum FICO score per lender
- Debt to income ratios per lender
- Finance payments during rehab*
- 0 – 20% contingency hold back per lender
- Unused contingency paid to principle, does not change monthly payment
- Renovation loan origination fee per lender
- Renovation loan rate additional .25%+/- per lender
- Rehab to start within 30 days after closing
- Rehab must be complete within 4 – 12* months per program
Energy Efficient Mortgage (EEM)
Up to 5% of loan amount 100% financed for cost effective energy improvements. Details
Conventional Renovation Financing (Click here for details)
- 20% down
- No upfront or monthly mortgage insurance
Fannie Mae HomePath Renovation Mortgage (Click here for details)
- Includes structural repairs or alterations
- Health, Safety and Energy Efficiency upgrades included
- Buyer Upgrades
- Landscaping/Luxury Upgrades included
- Maximum renovation cost is 50% of the “as completed” value of the property
Down Payment Assistance
California HFA (CalHFA)
- First time home buyers and previous home owners
- Grants/Rebates for closing cost and down payment assistance up to 1.5% of the purchase price
National Homebuyers Fund (NHF)
- Administers several programs for downpayment assistance
- Assistance in the purchase of a primary residence in California
- Second mortgages to finance downpayment and closing costs
Sacramento Housing and Redevelopment Agency (SHRA)
- First-Time low-income Homebuyer Program
- CalHome First-Time Homebuyer Mortgage Assistance Program
- Deferred payment loans secured by a deed of trust
- Target Area Homebuyer Program assisting low to moderate income homebuyers in target areas
- For property purchases within the City and County of Sacramento
