Renovation loan comparison chart.

Programs	FHA 203(k) Standard	FHA 203(k) Limited	FNMA HomeStyle® Renovation	USDA Rehabilitation and Repair (Structural)	USDA Rehabilitation and Repair (Non-Structural)	FHLMC CHOICERenovation®	FHLMC CHOICEReno eXPress®	FHLMC GreenCHOICE®
Types of repairs	• Health and safety, livability • Structural repairs allowed • Luxury items not allowed	• Health and safety, livability • Structural repairs not allowed • Luxury items not allowed	• Health and safety, livability • Structural repairs allowed • Luxury items allowed	• Health and safety, livability • Structural repairs allowed • Luxury items not allowed	• Health and safety, livability • Structural repairs allowed • Luxury items not allowed	• Health and safety, livability  • Structural repairs allowed  • Luxury items allowed	• Health and safety, livability  • Structural repairs allowed  • Luxury items allowed	• Energy and water efficiency improvements  • ENERGY STAR® appliances  • Natural disaster or environmental hazard repairs  • Resiliency or preventative improvements  • Radon remediation
Minimum repair amount	$5,000	No minimum	No minimum	No minimum	No minimum	No minimum	No minimum	No minimum
Maximum repair amount	Total renovation costs are contingent upon the appraised property value	$75,000 in total renovation costs	Purchase: Renovation capped at 75% of acquisition or after-improved value (whichever is lower) Refinance: Renovation capped at 75% of after-improved value Manufactured homes: the lesser of $50,000 or 50% of the "as completed" appraised value	Total renovation costs are contingent upon the appraised property value		Purchase: Renovation capped at 75% of acquisition or after- improved value (whichever is lower) Refinance: Renovation capped at 75% of after-improved value Manufactured homes: the lesser of $50,000 or 50% of the "as completed" appraised value	Purchase: • 15% of the lesser of acquisition costs (sales price plus renovation) or "as completed" value for properties located in designated Duty to Serve high-needs areas • 10% of the lesser of acquisition costs (sales price plus renovation) or "as completed" value for properties not in Duty to Serve high-needs areas Refinance: • 15% of the "as completed" value for properties located in designated Duty to Serve high-needs areas • 10% of the "as completed" value for properties not in Duty to Serve high-needs areas	15% of after- improved value
Property age	1-year old	1-year old	No age restriction	1-year old	1-year old	No age restriction	No age restriction	No age restriction
Number of contractors allowed	General Contractor	Maximum of 3 contractors	General Contractor	General Contractor	Maximum of 3 contractors	General Contractor if structural repairs, otherwise maximum of 3 contractors	General Contractor if structural repairs, otherwise maximum of 3 contractors	General Contractor if structural repairs, otherwise maximum of 3 contractors
Consultant required	Yes	No	No, but a Feasibility Study is required when hard costs exceed $75,000, structural repairs are being performed, or contractor is related to anyone in transaction	Yes	No	No, but a Feasibility Study is required when hard costs exceed $75,000, structural repairs are being performed, or contractor is related to anyone in transaction	No	No
Do-It Yourself(DIY), or Self-Help	Allowed with limitations. Certain requirements must be met.	Allowed with limitations. Certain requirements must be met.	Allowed with limitations up to 10% of the "as completed" value of the property. Certain requirements must be met and (DIY) work items are limited to: • Minor demo work, Interior painting Installation of appliances, Clean-up	Not allowed	Not allowed	Allowed with limitations. Certain requirements must be met.	Allowed with limitations. Certain requirements must be met.	Allowed
Loan limits¹`	FHA county loan limits	FHA county loan limits	Conventional loan limits	FHFA loan limits	FHFA loan limits	Conventional loan limits	Conventional loan limits	Conventional loan limits
Loan purpose	• Purchase • Rate/term refinance	• Purchase • Rate/term refinance	• Purchase • Limited cash-out/term refinance	• Purchase only	• Purchase only	• Purchase • No cash-out refinance	• Purchase • No cash-out refinance	• Purchase • No cash-out refinance
Occupancy types	• Owner-occupied only	• Owner-occupied only	• Owner-occupied only • Second homes allowed (1 unit only)	• Owner-occupied only	• Owner-occupied only	• Owner-occupied only • Second homes allowed (1 unit only) • Investment properties allowed (1 unit only)	• Owner-occupied only • Second homes allowed (1 unit only) • Investment properties allowed (1 unit only)	• Owner-occupied only • Second homes allowed (1 unit only)
Units	1-4 units (owner occupied)	1-4 units (owner occupied)	• 1-4 units (owner occupied) • 1 unit (second homes)	Single-family only	Single-family only	• 1-4 units (owner occupied) • 1 unit (second homes and investment properties)	• 1-4 units (owner occupied) • 1 unit (second homes and investment properties)	• 1-4 units (owner occupied) • 1 unit (second homes)
Property types	• Stick built, historical properties, manufactured homes, mixed-use properties, modular homes, PUDs, townhomes, warrantable condos	• Stick built, historical properties, manufactured homes, mixed-use properties, modular homes, PUDs, townhomes, warrantable condos	• Stick built, historical properties, manufactured homes, modular homes, PUDs, townhomes, unfinished new construction, warrantable condos	• Stick-built homes with or without an ADU, historical properties, modular homes, PUDs, townhomes • Manufactured homes allowed	• Stick-built homes with or without an ADU, historical properties, modular homes, PUDs, townhomes • Manufactured homes allowed	• Stick built, historical properties, manufactured homes, modular homes, PUDs, townhomes, unfinished new construction, warrantable condos	• Stick built, historical properties, manufactured homes, modular homes, PUDs, townhomes, unfinished new construction, warrantable condos	• Stick built, historical properties, manufactured homes, modular homes, PUDs, townhomes, unfinished new construction, warrantable condos
Contingency reserves	10%, must be increased to 15% if utilities are not on/functioning or self-help is present Contingency reserves may not exceed 20%	10%, must be increased to 15% if utilities are not on/functioning or self-help is present Contingency reserves may not exceed 20%	10%, must be increased to 15% if utilities are not on/functioning or if DIY is present Contingency reserves may not exceed 15%	10%, must be increased to 15% if utilities are not on/functioning	10%, must be increased to 15% if utilities are not on/functioning	10%, must be increased to 15% if utilities are not on/functioning or self- help is present Contingency reserves may not exceed 20%	10%, must be increased to 15% if utilities are not on/functioning or self-help is present Contingency reserves may not exceed 20%	20%
Contingency reserves usage	• Health and safety first • Unforeseen repairs or deficiencies • Remaining funds at borrower’s discretion	• Health and safety first • Unforeseen deficiencies only	• Health and safety first • Unforeseen repairs or deficiencies • Remaining funds at borrower’s discretion	• Health and safety first • Unforeseen repairs or deficiencies • Remaining funds at borrower’s discretion	• Health and safety first • Unforeseen repairs or deficiencies • Remaining funds at borrower’s discretion	• Health and safety first • Unforeseen repairs or deficiencies • Remaining funds at borrower’s discretion	• Health and safety first • Unforeseen repairs or deficiencies • Remaining funds at borrower’s discretion	• Unforeseen necessary or required repairs only
Mortgage payment reserves	Up to 12 months PITI reserves allowed if/when home is uninhabitable during renovation	Not allowed	Up to 6 months PITI reserves allowed if/when home is uninhabitable during renovation	Up to 6 months PITI reserves allowed if/when home is uninhabitable during renovation	Not allowed	Up to 6 months PITI reserves allowed if/when home is uninhabitable during renovation	Up to 6 months PITI reserves allowed if/when home is uninhabitable during renovation	Up to 6 months PITI reserves allowed if/when home is uninhabitable during renovation
Draw process	• Materials draws allowed in limited circumstances (conditions apply) • Up to 5 draws allowed (10% holdback applied to progress draws) • Payments are made after 203(k) Consultant approves the work	• Up to 50% of labor and materials may be disbursed at closing, if requested in writing from contractor • Remainder of funds disbursed when borrower signs off that work is complete and work has been inspected, if applicable	• Up to 50% of costs may be disbursed at closing • Number of draws determined by contractor with a max of one draw every 30 days (10% hold back applied to progress draws) • Funds are disbursed after work has been completed and inspected by a third-party inspector	• Up to 5 draws allowed (10% holdback applied to progress draws) • Payments are made after Consultant approves the work	• Up to 50% of labor and materials may be disbursed at closing • Remainder of funds disbursed when borrower signs off that work is complete and work has been inspected, if applicable	• Up to 50% of materials costs may be disbursed at closing • Number of draws determined by contractor with a max of one draw every 30 days (10% hold back applied to progress draws) • Funds are disbursed after work has been completed and inspected by	• Up to 50% of materials costs may be disbursed at closing • Number of draws determined by contractor with a max of one draw every 30 days (10% hold back applied to progress draws) • Funds are disbursed after work has been completed and inspected by	• No disbursements at closing allowed • Number of draws determined by contractor with a max of one draw every 30 days (10% holdback applied to progress draws) • Funds are disbursed after work has been completed and inspected by appraiser
Completion timeline	• Permits must be pulled and work started within 30 days of closing • May not cease for any 30 consecutive day period • Must be completed within 12 months	• Permits must be pulled and work started within 30 days of closing • May not cease for any 30 consecutive day period • Must be completed within 9 months	• Permits must be pulled and work started within 30 days of closing • May not cease for any 30 consecutive day period • Must be completed within 9 months	• Permits must be pulled and work started within 30 days of closing • May not cease for any 30 consecutive day period • Must be completed within 6 months	• Permits must be pulled and work started within 30 days of closing • May not cease for any 30 consecutive day period • Must be completed within 6 months	• Permits must be pulled and work started within 30 days of closing • May not cease for any 30 consecutive day period • Must be completed within 9 months	• Permits must be pulled and work started within 30 days of closing • May not cease for any 30 consecutive day period • Must be completed within 180 days	• Permits must be pulled and work started within 30 days of closing • May not cease for any 30 consecutive day period • Must be completed within 180 days
Allowed in combination with...	• $100 Down HUD REO • Good Neighbor Next Door • Energy Efficient Mortgages • Down Payment Assistance	• $100 Down HUD REO • Good Neighbor Next Door • Energy Efficient Mortgages • Down Payment Assistance	• HomeStyle® Energy • High balance • HomeReady® • Down Payment Assistance	• Down Payment Assistance	• Down Payment Assistance	• GreenCHOICE® Mortgages • Super conforming mortgages • Home Possible® • HomeOne® • HFA Advantage®	• GreenCHOICE® Mortgages • Super conforming mortgages • Home Possible® • HomeOne® • HFA Advantage®	• CHOICERenovation® Mortgages • CHOICEReno eXPress Mortgages • Super conforming mortgages • Home Possible® • HomeOne® • HFA Advantage®