Nature of Project:

Substantial Rehabilitation /Renovation (see eligible improvements)

Repair & remodeling (see eligible improvements)

Purchase/Refinance:

Either

Either

Repair cost

Min of $5000 , max as supported by appraised value

No min. $35,000 Max total costs (est. $30,000 in repairs B1)

Self-Help (owner performing work):

Yes – Max $30,000; 20% of repairs in reserves

No

Owner GC: 
(multiple contractors)

Yes – Same approval as Self-Help; Max $30,000; 20% of repairs in reserves

Yes – Max $30,000

Approve Subcontractors:

No

Yes – Called Owner GC

Subcontractors sign Homeowner/Contractor Agreement:

No

Yes

Max Number Draws:

5 (plus final release)

1 Contractor

Upfront release for materials:

For kitchen cabinetry & finish flooring only

For kitchen cabinetry & finish flooring only

Max Financed Mortgage Payments:

6 with DE UW approval

0

HUD PD Sales:

Yes

Yes

Contingency Reserve:

Yes 10% (15% if vacant)

Yes 10% (15% if vacant)