•Mortgage Insurance for Single Family Homes - Section 203(b)
–Eligible properties are one-to-four unit structures.
–Mortgage insurance to purchase or refinance a principal residence
–Borrower is eligible for approximately 96.5% financing
–Borrower can finance the upfront mortgage insurance premium
–Repair Escrow program up to $5,000
•Streamlined 203(k) Limited Repair
–Minor Repairs and Improvements (upgrades)
–Repair costs up to $35,000 (value permitting)
–No minimum repair cost threshold
–Repairs are completed after closing with loan proceeds
–Same 3.5% down payment requirement for purchases
–No inspection required (If less than $15,000)
–Appliances (including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwaves)
–Environmental mitigations
–Modifications involving disturbance of pre-1978 paint  surfaces - Lead based paint abatement
Ineligible Work Items
–Major rehabilitation , remodeling or structural (such as the relocation of a load-bearing wall)
–New construction (including room additions)
•No general contractor required
•Great tool for HUD Properties
Eligible Work Items 
•roofs, gutters and downspouts
•existing HVAC systems, plumbing, and electrical systems
•existing flooring
–Minor remodeling (non-structural) repairs
–Exterior and interior painting

 •Contractors and Rehabilitation Criteria

–Borrower must use licensed and bonded contractors

–“Self-help” is discouraged but acceptable IF the borrower can sufficiently demonstrate to the lender  that he/she has the necessary expertise and experience to competently perform the work

 203(k) Standard Rehab Mortgage Insurance Product

One mortgage loan for  acquisition and rehabilitation
–Same low down payment 3.5%

All Improvements Eligible

•Maximum loan amount is the lesser of:

–Maximum mortgage limit for area (base mortgage amount)
–Purchase price plus cost of rehabilitation 110% of “After Improved” value
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