Louisiana 203k Renovation Loans

Create Your Own Dream Home w/ as little as 3.5 Down!

Louisiana 203k Renovation Loan

A Mortgage For That Perfect Fixer-Upper

 

The FHA 203k Loan is the perfect way to buy that home with good bones that just needs a little love.  Whether you want to remodel the kitchen, pull out the old carpet or take it all the way down to the studs the 203k loan can help. 

Louisiana 203k Renovation Loans are backed by FHA and they are perfect for buyers who wanted to buy a damaged or older home and complete the necessary repairs. 

What Repairs Qualify? 

 

I am glad you asked! FHA 203k Loans have two different options you need to consider.  The first is a standard 203k which is perfect for anyone wanting to make structural repairs, a full remodel, new garage and even landscaping.

The second options is a streamlined 203k which can be given for new appliances, energy upgrades or non structural repairs.  These repairs are usually limited to no more than $35k

FHA Streamline Allowable Repairs:

  •  Roofs
  • HVAC, Plumbing, Electrical
  • Disabled Person’s Access Improvements
  • Lead-based paint remediation 
  • Mold abatement/termite repairs
  • Asbestos removal ( need licensed expert)
  • Septic system/ Well Repair
  • Flooring (excludes subfloor)
  • Kitchen/Bathroom Remodels
  • Painting
  • Appliance Purchase and Install

Repairs That Aren't Allowed

  • BBQ Pits
  • Bathouses
  • Exterior hot tubs, saunas, spas
  • Outdoor Fireplaces
  • Swimming Pools
  • Tennis/Basketball Courts

203k Process

1. Get Pre-Approved For 203k Renovation Loan 

2. Find The Perfect Fixer-Upper 

3. Find a Licensed General Contractor to work up a detailed bid for all repairs and provide it to your loan officer. 

4. Order appraisal based on the scope of work, which reflects the final value based on repairs. 

5. Submit bid, appraisal, borrower income, credit and asset info to underwriting.

 6. Receive Conditional Approval; provide all documents needed to satisfy conditions. 

7 . Sign final loan documents; lender funds the loan and places funds in escrow account. 

8. 50% of repair costs are given to general contractor upfront. The remaining amount is paid out in draws. 

9. Work must begin within 30 days. Work must be completed within 6 months. 

10. Work is complete; buyer has a home that is fully complete.

 

203k Quick Facts

  • $5000 Minimum
  • Streamlined Options Available 
  •  Loan Limit: $314,827
  • 96.5% LTV
  •  620 Credit Score
  • Primary Residence Only 
5/5

MY FIRST HOME PURCHASE

I’M SUPER EXCITED AND HAPPY WITH MY NEW PURCHASE !! THE PROCESS WAS LESS THAN 30 DAYS !! WHO DOES THAT ?? CHANNING AND HIS TEAM WAS AMAZING AND PROFESSIONAL I WOULD RECOMMEND THIS GUY AND THE COMPANY TO ANYONE 

– Earnesto Silva

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See What You Qualify For

*We don’t sell or spam your information and you will only be contacted in the manner you choose. This info is for Bayou Mortgage Only