RENOVATION

Add Space/Add Units

REDUCE UNITS

HOME TYPE

CONVENTIONAL LOANS

1- to 4-unit primary residence
Manufactured Housing
1-unit second home
1-unit investment property
Units located in PUD, condominium

FHA LOANS

1- to 4-unit primary residence
Planned unit development (PUD)
Eligible condominium unit or site condo unit
Manufactured Housing
HUD real estate-owned (REO)

LOAN AMOUNT

CONVENTIONAL LOANS

Purchase

Total cost of the financed renovations must not exceed 75% of the lesser of:
Sum of purchase price of property plus estimated cost of the renovations; or
“As completed” appraised value

No cash-out refinance

Total cost of financed renovations must not exceed 75% of the “as completed” appraised value

FHA LOANS

Purchase and Refinance Standard 203(k)

No maximum
Minimum $5,000

Limited 203(k)

Maximum $35,000
No minimum

MAXIMUM LOAN TO VALUE

CONVENTIONAL LOANS

1-unit primary residence: 95%
2-unit primary residence: 85%
3- and 4-unit primary residence: 80%
1-unit second home: 90%
1-unit investment properties: 85%
Manufactured Housing: 95%

FHA LOANS

96.5% for primary residence
Up to 110% of the “as-is completed” value for primary residence

CONTRACTORS

CONVENTIONAL LOANS

Contractors must be licensed when required by law

FHA LOANS

Contractors must be licensed when required by law
Standard 203(k) Program requires FHA-approved consultants

UPFRONT DRAWS

CONVENTIONAL LOANS

Up to 50% of material costs to contractors

FHA LOANS

Up to 50% of material costs

PROJECT COMPLETION

CONVENTIONAL LOANS

Appraisal 1004D
All renovations must be completed within 12 months of the Note Date

FHA LOANS

Borrower’s letter of completion and final release notice
Renovations must be completed within 6 months; may allow extensions

CONTINGENCY RESERVES

CONVENTIONAL LOANS

Up to 20%

FHA LOANS

Up to 20%

ADUs

CONVENTIONAL LOANS

Attached ADU

FHA LOANS

Attached and Detached ADU

ENERGY EFFICIENT/PROPERTY RESILIENCE/PROPERTY DISASTER

CONVENTIONAL LOANS

FHA LOANS

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CONTACT
Shining Star Funding
Corporate Office
6101 Bollinger Canyon Rd, Suit 344
San Ramon, CA 94583
(925) 820-2981

Copyright ©2024 Shining Star Funding A division of American Pacific Mortgage Corporation | NMLS ID # 1850 (www.nmlsconsumeraccess.org) | CA-DRE #01215943 | 6101 Bollinger Canyon Rd #344, San Ramon, CA 94583 Phone (925) 820-2981 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act.|Not Available in New York

For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Opportunity.
Interactive calculators are self-help tools. Results received from this calculator are designed for comparative and illustrative purposes only, and accuracy is not guaranteed. Shining Star Funding is not responsible for any errors, omissions, or misrepresentations. This calculator does not have the ability to pre-qualify you for any loan program or promotion. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. Additional fees such as HOA dues are not included in calculations. All information such as interest rates, taxes, insurance, PMI payments, etc. are estimates and should be used for comparison only. Shining Star Funding does not guarantee any of the information obtained by this calculator.