WRE News July 15, 2024
Buyer
The Federal Housing Administration (FHA) has updated its 203(k) Rehabilitation Mortgage Insurance Program that provides financing for renovating or rehabilitating single-family homes.
FHA offers two variations of the 203(k) program: the Standard 203(k) for substantial remodeling and repairs, and the Limited 203(k) for minor remodeling and nonstructural repairs. The updates to the program include an increase in the allowable total rehabilitation costs a borrower can finance under the Limited 203(k) program from $35,000 to $75,000; the limit will be reviewed on an annual basis.
The updates also include providing more time for rehabilitation and repair work to be completed by extending the rehabilitation period to 12 months for the Standard 203(k) and nine months for the Limited 203(k). The program will also allow the financing of the 203(k) Consultant Fee in the total mortgage amount for the Limited 203(k) if a borrower chooses to use a 203(k) Consultant. A new fee structure for the 203(k) Consultant is included in the updates.
“The changes we are announcing today for the 203(k) program are long overdue and will support greater use of this program where it is needed most – in neighborhoods where homes are affordable but need repair,” said Federal Housing Commissioner Julia Gordon. “Increased use of 203(k) mortgages will help modernize and revitalize homes, which supports affordable housing supply and strengthens neighborhoods.”
Stay up to date on the latest real estate trends.
Buyer
July 14, 2025
For the Miami bungalow of Chelsea Hirschhorn, husband-and-wife design team, Monica Santayana and Ronald Alvarez of MONIOMI Design were tasked with capturing a subtle, … Read more
Seller
July 13, 2025
When it comes to selling your home, there are a lot of factors to consider before placing it on the market, including what design decisions could potentially boost you… Read more
Buyer
July 12, 2025
After five weeks in decline, mortgage rates were on the rise in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
Lifestyle
July 12, 2025
Wendy’s family rarely misses a daily walk to the beach to watch the sunset with their two precious dogs.
Lifestyle
July 12, 2025
Every afternoon, when I drive up the road to pick up my son from day camp, I pass the nearby sleepaway camp on my way.
Buyer
July 11, 2025
There are plenty of headlines these days calling for a housing market crash. But the truth is, they’re not telling the full story.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today