Fannie HomeStyle vs FHA 203k

Rebecca Yu Uncategorized

Fannie HomeStyle vs FHA 203k

Another option to consider is the FHA 203k loan. Here is a comparison.

Fannie Mae HomeStyle FHA 203(k) loan
Loan limits 1unit – $484,350

2unit – $629,299

3unit – $749,650

4unit – $931,600

1unit – $368,000

2unit  – $471,100

3unit – $569,450

4unit – $707,700

eligible repairs and renovations Funds can be used for any renovation project. Funds cannot be used for a teardown, nor can they be used to build another residential dwelling on a property. Homebuyers can use the cash to pay for repairs or improvements, including those pointed out by a home inspector.
private mortgage insurance Monthly private mortgage insurance (PMI) if you will have less than 20% equity upfront mortgage insurance premium of 1.75% of the loan amount and pay monthly PMI.
Min Down payment As little as 3 for one unit primary residence One to four unit – 3.5%
Eligibility requirements AUS approval, max DTI 50%.  Min credit score 620. AUS approval, max dti 57. Min credit score 580