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Renovation Loan Comparisons – PrimeLending Dallas

PrimeLending Dallas is here to help qualified borrowers receive the financing they need for the home that is right for them. Our mortgage professionals are here to help you through every step of the mortgage process. If your home is in need of renovations or repairs, PrimeLending Dallas has the answer.

For FHA Mortgage Clients:

203K Full Renovation Program Details:

Dallas Home RenovationWhat is the repair limit of the 203K Full Renovation Program?

  • Eligible borrowers can make renovations, repairs, or improvements that total up to 50% of the “after improved” value up to the FHA limit. For example, if the value of the home after it is improved, known as the after improved value, is $200,000, then up to $100,000 of the cost to renovate plus the cost to acquire the property can be in renovations (exceptions may be granted).

 
What repairs are covered?

  • Any repair is covered in the loan program, including structural repairs. Ask a PrimeLending Dallas expert for more details.

 
What property types does the 203K Full Renovation Program permit?

  • Single Family Homes (up to 2 units)
  •  

  • Multi Family Homes (up to 2 units)

 
What property types are NOT permitted?

  • Manufactured Homes

 
Is the 203K Full Renovation loan allowed with any home purchase?

  • Yes, but any new construction MUST meet all FHA guidelines

 
What is the purchase loan-to-value ratio for the 203K Full Renovation Program?

  • The loan to value ratio can be up to 96.5%

 

203 Streamline Renovation Program Details:

What is the repair limit of the 203 Streamline Renovation Program?

  • Eligible borrowers can make renovations, repairs, or improvements that total up to $35,000

 
What repairs are covered?

  • Any appraisal-required repairs and cosmetic repairs are covered

 
What property types does the 203 Streamline Renovation Program permit?

  • Single Family Homes (up to 2 units)
  •  

  • Multi Family Homes (up to 2 units)

 
What property types are NOT permitted?

  • Manufactured Homes

 
Is the 203 Streamline Renovation loan allowed with any home purchase?

  • Yes, but any new construction MUST meet all FHA guidelines

 
What is the purchase loan to value ratio for the 203 Streamline Renovation Program?

  • The loan to value ratio can be up to 96.5%

 

203B with Escrow Program Details:

What is the repair limit of the 203B with Escrow Program?

  • Eligible borrowers can make renovations, repairs, or improvements that total up to $5,000

 
What repairs are covered?

  • Any appraisal-required repairs and cosmetic repairs are covered

 
What property types does the 203B with Escrow Program permit?

  • Single Family Homes (up to 4 units)
  •  

  • Multi Family Homes (up to 4 units)
  •  

  • Condos (up to 4 units)

 
What property types are NOT permitted?

  • Manufactured Homes

 
Is the 203B with Escrow loan allowed with any home purchase?

  • Yes, this loan is allowed with any home purchase – you are not limited to solely HUD homes

 
What is the purchase loan to value ratio for the 203B with Escrow Program?

  • The loan to value ratio can be up to 96.5%

 

For Conventional Mortgage Clients (Conventional Loan Limit = $417,000)

HomeStyle Renovation Program Details:

Dallas Home RepairWhat is the repair limit of the HomeStyle Renovation Program?

  • Eligible borrowers can make renovations, repairs, or improvements that total up to 50% of the “after improved” value up to $417,000

 
What repairs are covered?

  • Any repair is covered in the loan program, including structural repairs. Ask a PrimeLending Dallas expert for more details.

 
What property types does the HomeStyle Renovation Program permit?

  • Single Family Homes (up to 4 units)
  •  

  • Multi Family Homes (up to 4 units)
  •  

  • Condos (up to 4 units)

 

Is the HomeStyle Renovation loan allowed with any home purchase?

  • Yes, this loan is allowed with any home purchase

 
What is the purchase loan to value ratio for the HomeStyle Renovation Program?

  • The loan to value ratio can be up to 95%

 

HomePath Renovation Program Details:

What is the repair limit of the HomePath Renovation Program?

  • Eligible borrowers can make renovations, repairs, or improvements that total up to 35% of the “after improved” value up to $35,000

 
What repairs are covered?

  • Any repair is covered in the loan program, including structural repairs. Ask a PrimeLending Dallas expert for more details.

 
What property types does the HomePath Renovation Program permit?

  • Single Family Homes (up to 4 units)
  •  

  • Multi Family Homes (up to 4 units)
  •  

  • Condos (up to 4 units)

 
Is the HomePath Renovation loan allowed with any home purchase?

  • This loan is ONLY allowed with the purchase of Qualified Fannie Mae Homes

 
What is the purchase loan to value ratio for the HomePath Renovation Program?

  • The loan to value ratio can be up to 95%

 

Escrow Repair Program Details:

What is the repair limit of the Escrow Repair Program?

  • Eligible borrowers can make renovations, repairs, or improvements that total up to $15,000

 
What repairs are covered?

  • Any appraisal required repairs and cosmetic repairs are covered

 
What property types does the Escrow Repair Program permit?

  • Single Family Homes (up to 4 units)
  •  

  • Multi Family Homes (up to 4 units)
  •  

  • Condos (up to 4 units)

 
Is the Escrow Repair loan allowed with any home purchase?

  • Yes, this loan is allowed with any home purchase

 
What is the purchase loan to value ratio for the Escrow Repair Program?

  • The loan to value ratio can be up to 97%

 
If you have any further questions regarding a loan listed in one of the charts above, feel free to contact a PrimeLending Dallas mortgage expert at (800) 308-8503.

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