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the mortgage company or mortgage professional with whom they wish to conduct business is authorized to conduct mortgage business in their state.
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Funds for
Handyman-Specials & Fixer-Uppers
The FHA 203K Streamline program
allows borrowers to purchase or
refinance a home that needs up to $35,000 of
rehabilitation repair work. The repair work can be financed over and above
the contracted sales price, with the total being added to the final loan
amount.
Purchase Program:
Get up to $35,000.00 fhalars for Home
Improvements toward your new purchase.
Mini (Streamline) 203K
Refinance:
Borrow up to $35,000.00 fhalars for Home
Improvements toward your existing home, even if you don't have
the equity! |
If you have passed up buying
homes that require cosmetic repairs for lack of funds to fix them up,
the FHA has a program for you. Not to be confused with FHA's much more
complicated 203K program, a Streamlined
203K loan
eliminates much of
the paperwork and simplifies the process to obtain rehab
The Streamlined 203K loan allows for simple repairs that can be
easily estimated and completed. Many are considered light cosmetic repairs,
but some will require hiring a licensed contractor if it falls out of the
borrower's area of expertise.
Here is an approved list of just some repairs /
improvements from HUD:
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Roofs, gutters and downspouts
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HVAC systems (heating, venting and air conditioning)
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Plumbing and electrical
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Minor kitchen and bath remodels
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Flooring: carpet, tile, wood, etc.
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Interior and exterior painting
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New windows and doors
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Weather stripping & insulation
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Improvements for persons with disabilities
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Energy efficient improvements
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Stabilizing or removing lead-based paint
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Decks, patios, porches
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Basement completion and waterproofing
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Septic or well systems
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Purchase of new kitchen appliances or washer / dryer
*Note: We
will forward your application to one, single
FHA Specialist who will
contact you to discuss the best FHA
Programs and the lowest rates available at
this time. We do not re-sell, distribute, disseminate
your application information to telemarketers, multiple
lenders, or 3rd party marketing firms.
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