| Critzer Law Firm

By Kerry Smith

FHA wants to hear from the public on ways to improve its Single Family 203(k) Rehabilitation Mortgage that rolls home upgrade costs into a buyer’s first mortgage.

WASHINGTON – The Federal Housing Administration (FHA) published a Request for Information (RFI) in the Federal Register seeking public comments on ways it can enhance its single-family 203(k) Rehabilitation Mortgage insurance program.

The 203(k) program allows buyers or current owners to get an FHA-insured loan that includes both the current value of the home plus planned rehabilitation costs. Based on the Biden-Harris Administration’s goal to increase the supply of quality affordable housing, FHA plans to update the program.

“FHA would like to offer improved options to finance the purchase or refinance of a home that needs significant rehabilitation,” explains Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “Feedback from today’s RFI will help us advance our goals to increase housing supply, reduce vacancy and blight, and expand homeownership opportunities in all communities.”

FHA’s 203(k) program currently offers two options:

The Standard 203(k) Mortgage, used for remodeling and major repairs, has a minimum repair cost of $5,000 and requires the use of a 203(k) Consultant.
The Limited 203(k) Mortgage, used for minor remodeling and non-structural repairs, has a maximum repair cost of $35,000 and does not require the use of a 203(k) Consultant.

FHA encourages all interested parties to submit comments by the April 17, 2023, deadline.

Lisa Mollitor

Lisa Mollitor has twenty five years working with law firms as a paralegal and joined The Critzer Law Firm in 2010. In addition to work in Alabama and Florida, Lisa has training from the Florida Bar and the National Association of Legal Assistants. Acting as the firm's paralegal, she provides both technical and administrative support. She is also a member of the Northwest Florida Paralegal Association. Lisa has been a Florida Registered Paralegal since 2008. Along with diplomas in civil litigation and paralegal honors from Professional Career Development Institute, she has a Bachelor of Arts in medical administration from Huntingdon College in Montgomery, AL. Lisa is also a Licensed Title Agent appointed by Old Republic National Title Insurance Company as well as a Florida Real Estate Agent with World Impact Real Estate. Her education and experience provide the Firm's escrow and closing clients with the knowledge and skills of someone who knows both sides of the closing table. She currently serves on the Governing Board for the Women's Council of Realtors - Emerald Coast Chapter as its newsletter editor. In her spare time, Lisa is a Founding Director of Alaqua Animal Refuge and a previous member of both National Society Daughters of the American Revolution and United Daughters of the Confederacy. She and her daughter Meri Kate enjoy reading, traveling, genealogy, caring for their pets and improving the lives of all animals they encounter.