The FHA 203k loan program is actually working everywhere in the USA but in Garner NC they are just beginning to understand what others have been working on and why the hype ISN'T hype at all. The FHA 203k loan program, as we all know, is for home that need some TLC up to major renovation. Many lenders will only provide the Streamlined k which has a maximum renovation amount of $35,000 and NO STRUCTURAL work... that is the way we train our Realtors and agents so they can utilize this tool more effectively.
This DOES NOT mean the 203k has a limit on the construction... it doesn't per-say have a maximum if you only use the Full 203k rather than the streamlined k. Since many lenders only do the Streamlined k they will quite often fail to tell you that you can go to a Full 203k and get a much higher loan limit. We have a couple under construction right now that exceed $400,000 in renovation and many that exceed $100,000 in renovation costs. It all depends on your maximum mortgage loan amount in your particular county.