What are the different types of renovations covered by an FHA 203(k) loan?
An example of an AI chatbot conversation about FHA 203(k) loan renovation types.
What are the different types of renovations covered by an FHA 203(k) loan?
The FHA 203(k) loan covers two main types of renovations: the Standard 203(k) for major repairs and the Limited 203(k) for minor improvements.
Can you give me examples of what qualifies as major repairs?
Sure! Major repairs include structural alterations, roof replacements, and significant plumbing or electrical work.
What about minor improvements? What can I do with a Limited 203(k) loan?
With a Limited 203(k) loan, you can make minor improvements like kitchen remodels, bathroom updates, or new flooring.
Are there any restrictions on the types of renovations I can do?
Yes, there are some restrictions. For example, luxury items like swimming pools or outdoor kitchens are not covered.
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