Can I make repairs to a retaining wall with my FHA 203k loan?
The short answer is Yes, you can. You can complete most repairs utilizing the FHA 203k loan guarantee program.
- Retaining walls,
- Foundation repairs or replacement,
- Update kitchens and bathrooms,
- replace or repair a roof,
- Interior and/or exterior paint,
- Lead paint abatement or removal,
- Asbestos abatement or removal,
- Room additions,
- Repairs after a fire to include rebuilding a home from the foundation up if needed,
- Repairs after a hurricane or tornado,
- Repairs to manufactured homes built after June 30, 1976
- Adding additional units where zoning allows,
- Commerical mixed use buildings... we can finance with 3.5% down payment and include renovation of the residential portions of the property
- Add a well and/or septic tank
Remember that if you only have 3.5% down the FHA 203k loan product may be your best choice. If your credit score is 580-620 the FHA 203k loan product may be your best choice... call me for your best choice of a lender for this program.
IF, on the other hand you have a better credit score, good payment history, and 10-20% down payment you might be better served by a FannieMae HomeStyle Renovation loan product as there is NO MORTGAGE INSURANCE PREMIUM (MIP) which can save you a few hundred dollars per month or more depending on your loan amount. Call me for your best choice for a lender for this loan product.