The Federal Housing Administration is that the lone administrative unit to supply a home construction loan. The program is formally called the Federal Housing Administration 203k.
The Federal Housing Administration 203k combines your “main mortgage” and your construction loan into one product, simplifying the house building or renovation that you’ve got planned.
There area unit 2 types of 203k loan — the quality 203k and also the efficient 203k.
The standard 203k is employed for additional “in-depth” comes like landscaping, roof replacement, and also the movement of loan-bearing walls. The efficient 203k is employed for smaller comes such the painting of rooms or the substitution of appliances.
Streamlined 203k loans area unit restricted to $35,000 in price. there’s no size limit prescribed to the quality 203k.