FHA 203K Loans in Maryland

Here are a few quick bullets that outline the guidelines for the different types Maryland 203k FHA mortgages.

For more information about a Maryland FHA Mortgage, Loan Limits, or FHA guidelines, please feel free to contact me directly.

Bill Sohan
410-963-2308

bill.sohan@academy.cc

www.yourbaltimorelender.com

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FHA 203K REHAB – Maryland

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• This loan allows a customer to finance the purchase price, or the existing balance, and the cost of improvements into the loan amount

• Loan amount is determined by using the after improved value

• Can lend up to 110% of after improved value up to the FHA loan limit

• Single close, fully amortized loan

• Work is completed after close. Funds are held in an escrow account and disbursed as the work is completed

• 1-4 units, Condos, mixed use properties; Owner occupied only

• 6 months to complete the work

• Eligible with most local housing authorities

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203K Streamline – Maryland

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• $5K – $35K in repairs (no structural, mainly cosmetic, appliances, upgrades, etc). Repairs are health and safety, livability, no luxury

• No HUD consultant

• No inspections required for rehab amounts under $15k

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203K – Maryland

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• $5k minimum in repair amount. Most repairs allowed, still no luxury (pools, etc)

• HUD consultant required

• Inspections required prior to draw

• Can finance up to 6 months PITI into the loan if the home is uninhabitable during rehab