FHA 203k Updates: 12 Months Mortgage-Free & Higher Loan Limits

FHA 203k Updates: 12 Months Mortgage-Free & Higher Loan Limits

Big news! As of November 4th, 2024, the FHA 203k program got its first major upgrade in years. These changes make it easier than ever to transform a dump into your dream home.

What's New (And Why It Matters)

1. Larger Renovation Budgets

  • Limited 203k increases from 35K→75K

  • Now you can do:

    • Full kitchen AND bathroom remodels

    • HVAC replacement + new flooring

    • Major structural repairs

2. More Time to Renovate

  • Limited version: 6 → 9 months

  • Standard version: 6 → 12 months

  • No more rushing contractors!

3. Mortgage Payment Break

  • 12 months of payments can now be financed (up from 6)

  • That's potentially $20K+ in breathing room

4. Consultant Fees Rolled In

  • No more 900−2,000 out-of-pocket for inspections

  • Now added to your loan balance

Real Life Example

Before November:

  • Buy house: $200K

  • Renovations: $35K max

  • 6 months to complete

  • Pay consultant fee upfront

After November:

  • Same $200K house

  • Renovations: $75K max

  • 9 months to complete

  • Consultant fee financed

Game. Changer.

Watch Me Explain The Updates

See exactly how these changes affect homebuyers:

#Realtor #RealEstateAgent #FirstTimeHomeBuyer #InvestmentProperty

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