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203k specification of repairs form 2025

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The document is a specification of repairs for a property owned by James and Dana Dempsey, prepared by consultant Steven T. De Paul. It outlines the necessary inspections, proposed work, cost estimates, and compliance with HUD 203(k) rehabilitation mortgage insurance program requirements. The document details various construction items, their costs, and the responsibilities of the contractor and homeowner. It also includes a summary of allowable fees and total construction costs amounting to $62,453.

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What does 203k eligible mean?

Eligible Activities: Section 203(k) insured loans can finance the rehabilitation of the residential portion of a property that also has non-residential uses; they can also cover the conversion of a property of any size to a one- to four- unit structure.

What purpose is a limited 203 K loan intended for?

Limited 203(k) Mortgage FHAs Limited 203(k) program permits homebuyers and homeowners to finance up to $35,000 into their mortgage to repair, improve, or upgrade their home.

What is a standard 203k?

The standard 203(k) includes any extensive repairs and structural work that need to be done in the home with no capped repair cost. The minimum amount that can be borrowed is $5,000, but the total value of the property must still fall within the FHA mortgage limit for the area.

What is the difference between 203k streamline and standard?

In short, the Full 203k covers major renovations like structural work or for projects adding up to more than $35,000. The 203k Streamline is for non-structural work under $35,000. So if the projects you want to do add up to more than $35,000 or involve the structure of the home, youll need to go with the Full 203k.

What is the difference between 203k standard and limited?

There are two types of FHA 203(k) loans. The first is a standard 203(k) which is used for properties that need major remodeling or structural repairs. The second is the Limited 203(k) which is commonly used for new roofing, new appliances, or cosmetic repairs such as painting.

What limits a limited 203k loan compared to a standard 203k loan?

LIMITED: Total renovation costs cannot exceed $35,000. There are no minimum costs. STANDARD: Your repairs and renovations can go above $35,000. There is a minimum repair cost of $5,000.

203k specification of repairs form 2025

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