203k FHA Construction Loans

FHA Standard 203(k) Loan

Northstar Home Funding offers even more options for borrowers to finance home repairs right at closing.

The FHA Standard 203(k) program offers additional home repair options not offered in the Limited version, including:

  • Room additions
  • Second floor addition
  • Structural repairs
  • Foundation repairs
  • Major landscaping
  • Completion of unpermitted structures
  • Repair of health and safety issues
  • Eliminate obsolescence of plumbing or septic
  • Repair of driveways and sidewalks
  • Complete remodel for homes for disabilities

Northstar offers features not available with every lender:

  • Manual underwriting available
  • Credit scores as low as 620
  • Financing includes condos and 1-4 unit properties
  • High balance loan amounts

Northstar was built on the idea that we all achieve better results and more positive experiences, with less stress, when we work in an environment of understanding— when we find common ground.
*Northstar’s programs neither originate from nor are expressly endorsed by any government entity.

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Why Brokers and Bankers VALUE Northstar Home Mortgage:

  1. Unsigned Loan Package submitted to UW yields quicker approval for borrowers.
  2. Ability to issue TBD approvals for those complicated income scenarios.
  3. Flexibility to lower broker compensation at time of lock which allows for the most competitive rate.
  4. No caps on YSP offered on rate sheets.
  5. Northstar follows DU and LP findings.
  6. Northstar can create the LE or if the broker chooses they can create their LE. You have a choice!
  7. Scheduling and CD preparation is done prior to a loan being Cleared to Close.
  8. Access to professional marketing that can be used for direct to consumers or direct to realtors.