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Hans Fetterhoff | Mortgage Banker 
LMB #100009597 | NMLS #273273 

Crestline Mortgage Bankers "A Division Of Universal Lending" ® 
731 N. Weber St. #215, Colorado Springs, CO 80903
Office 719-686-3652 | Fax 719-344-2286 | 

Universal Lending Corp | Lender NMLS#2996
6775 E. Evans Ave Denver, CO 80224 
Regulated by the Division Of Real Estate 

FHA 203k 
Renovation Loan
"The Home You Want 
The Way You Want It "
Finding your dream home in today’s real estate market can be really tough. You’ve seen so many houses with potential, at bargain prices but there’s always something…it needs carpet, the roof’s bad, and someone kicked holes in the drywall. 

What if I told you that we have an answer. A way to take advantage of the home's existing equity to create a semi-custom home with just one loan, one payment, at a competitive interest rate, all at the same time.

If you have a vision and can see your dream home, the FHA 203(k) Renovation Loan is your answer. The FHA 203(k) can be as simple as carpet, paint and appliances to a complete restoration. 

Take advantage of the market, and get the home you want the way you want it with the FHA 203(k) Renovation Loan. 

FHA Eligible Repairs 
203(k) Streamline 
  • Repair/Replace Roofs, Gutters and Downspouts 
  • Repair/Replace or Upgrade HVAC System
  • Repair/Replace or Upgrade Plumbing and Electrical Systems
  • Repair/Replace Existing Flooring (Carpet, Tile, Hard Wood)
  • Minor Remodeling of Kitchens & Bathrooms
  • Weatherization/Insulation 
  • New Appliances 
  • Drywall Repair 
  • Interior Paint Exterior Paint 
  • Repair/Replace or Upgrade Windows
  • Repair/Replace or Add Decks,Patios and Porches 

Full 203k 
  • Everything listed under the 203(k) Streamline and more... 
  • Structural Alterations and Room Additions
  • Foundation Repairs 
  • Modernization of Kitchens and Bathrooms
  • Changes to Eliminate Obsolescence and Reduce Maintenance 
  • Modernize Plumbing, HVAC and Electrical Systems
  • Install or Repair Well or Septic Systems 

203k Basics
  • 203(k) Streamline Maximum $35,000 Repair Escrow 
  • Any Project Greater Than $35,000 is Automatically Considered a Full 203(k)
  • Any Project Requiring Structual Repairs is Aumatically Considered a Full 203(k)
  • Owner Occupied Homes Only 
  • FHA/HUD County Loan Limits Apply
  • Verification of Income and Employment Required 
  • 640 Minimum Credit Score
  • 3.5% Down Payment Required 
  • 10-15% Contingency Added to All 203(k) Projects 
  • Down Payment Based on Combined Total of Aquisition and Renovation Cost 
  • Full 203(k)'s Require the Use of a 203(k) HUD Consultant. 

FHA 203(k) FAQ’s 
Can I Do the Work Myself? 
No. All work, materials, permits and building plans must be completed/ provided by a qualified, licensed and insured professional. 
Can I choose my own contractor(s)? 
Yes, you have the right to select your own contractor(s). Services provided from home improvement stores are also allowed under certain conditions. We will limit you to 3 separate contractors on a Streamline 203(k) and insist on one general contractor on Full 203(k) loans. 
When can the work begin? 
No work can be started on your home until your loan has been approved and the home has been titled over to you. 
How are the contractors paid? 
All Funds are held in escrow and controlled by our 203(k) Coordinator. Funds are distributed as projects or phases of larger projects are completed. In certain cases a draw can be provided for materials upfront. 
How many people will I be working with? 
The loan officer gets your application approved, the 203(k) Coordinator completes 203k specific documentation between you and your contractor and disburses funds. On Full 203(k) loans you will also work with a 203(k) Consultant who will do your inspection, oversee your contractors and authorize draws as work is completed. 
Can I change or add work to the project once the loan is closed?
No changes can be made to a 203(k) Streamline. All Funds are allocated to specific projects and can not differ from the original bids. A Full 203(k) is more flexible and allows for changes with a proper change order. 
Is there any work that FHA will require me to do?
Yes, FHA requires that all health & safety issues be remedied as part of all transactions. Your appraiser and/or 203(k) Consultant play a big role in determining what will be “required?.

FHA 203k Renovation Loan
A Division Of Universal Lending
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