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Frequently Asked Questions

Frequently Asked Questions

What Is a 203k Loan?

A 203K loan is a government-insured mortgage that allows a borrower to purchase or refinance a home and renovate the home., ensuring the purchase (or refinance) of the house and the cost of its renovations are through one, single mortgage. This is one type of renovation loan program is for the borrower’s primary residence. There are similar loan types, such as VA renovation loans and homestyle renovation loans.

What Are The Benefits Of a 203k Loan?

The advantages of a 203K loan are that you can purchase/refinance and renovate your home in a single loan. These types of loans also offer lower down payments when compared to other loan options.

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What Is The Down payment For a 203k Loan?

The 203K loan requires you to put down 3.5% of the total purchase price plus repair costs and required contingency costs.

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How Are 203k Loans Used?

The 203K loan may be used for updating, modernization, or totally renovating your home.

How Do I Start The 203k Loan Process?

The 1st step in your 203K loan process is to contact a construction loan consultant. It is also a good idea to have a rough idea of the construction scope you want to do and your general contractor if possible.

What is "Value Engineering?"

An experienced renovation loan consultant can assist you with value engineering suggestions to increase the value of your renovation while reducing or eliminating the cost.
For example, when adding a room addition, evaluate the possibility of energy-efficient materials/construction methods and heating and cooling with a “mini-split” instead of reconfiguring your entire HVAC system. Properly sizing your system will result in lower initial cost and energy savings over the long term.

How Is A 203k Loan Different From A Construction Loan?

A construction loan is a single-purpose loan for renovation or remodeling only, which necessitates having two loans. Normally, the term for construction loans are a lot shorter than for 203K loans and are offered at higher interest rates.

What Are The Requirements For a 203k Loan?

Loan requirements vary slightly from lender to lender. After you and your consultant have established a rough idea as to what your scope and price is going to be, contact your lender to determine specific requirements - Your consultant can help you determine which lenders offer renovation loans.

How Long Can An Application Take for a 203k Loan?

How long it takes to close alone is highly dependent on how prepared the borrower is. Proper planning with an experienced consultant always shortens the process - things like knowing what lenders offer a 203k loan and working with your contractor for final bids can shorten the timeline.

What is EUCO LLC's Service area?

Most of EUCO's work is done at the preconstruction stages. Preparing the specification of repairs and assisting the borrower in developing a final application for the lender. Throughout the construction phase, EUCO inspects work completed and prepares periodic payments for the contractor, which are approved by the owner. EUCO services the states of Kansas, Missouri, Nebraska, Iowa, and Georgia

What Is My "Basis" & How Do I Keep Track Of It?

Your home's value for tax purposes is called the basis. Improvements and repairs can change your basis and have a significant tax impact when your home is sold. Contact your tax professional for guidance, and make sure to talk with your loan consultant to ensure your basis is correct, both before and after the renovation process.

What are "Allowable Improvements"?

Improvements or additions to the property, such as solar and energy-efficient alterations affect your home's performance when it comes to energy efficiency and cost-savings.. In order to determine who is a good candidate for these types of improvements, you should do an evaluation to “crunch the numbers” to determine what is right for your project. Your consultant can guide you in the right direction


, Lawrence, KS, 66047, US