An MLO is advising a client who purchased a home six months ago with an FHA loan and now wants to use a 203(k) to renovate. The client wants to add a detached garage, update all kitchen appliances, and repair significant structural foundation damage. Which combination of facts is MOST accurate regarding 203(k) eligibility for this scenario?

The client must wait 12 months after purchase before using any 203(k) refinance product A Limited 203(k) is appropriate because the client wants primarily cosmetic improvements A 203(k) can only be used for purchases, not refinances, so the client is ineligible A Standard 203(k) is appropriate because structural work is involved; appliances alone would qualify under the Limited 203(k), and a detached garage on the same lot may qualify