FHA 203k Renovation Program
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203k Rehab Loan Benefits

  • FHA program requires only 3.5% down payment and 580 credit score
  • Down Payment Assistance Programs available
  • Roll in $35,000 renovations into loan
  • Loans can go up to 110% of the after-improved appraised value
  • Down payment can be 100% gift funds
  • Seller can pay closing costs
  • Good Neighbor Next Door eligible for Firefighters, law enforcement, teachers, and Emergency Medical Technicians.
  • Parents or family members can co-sign on loan

You find a great deal on a foreclosure but the carpeting is trashed, the owner stripped out the kitchen cabinets and copper pipes, and it looks like the windows have been blown out by a drive-by shooting...now what?

The FHA 203k Streamline Rehab program will allow you to purchase new carpets, windows, plumbing, and cabinets and roll the costs into the new mortgage. Most first time home buyers don't have the cash or don't want to use or have access to credit cards to fix up the property and the 203k loan can turn a handyman special into your dream home.

FHA 203k Loan Eligible Repairs

  • Remodel-update bathroom and kitchen
  • Repair-replace floors
  • Upgrade roof, gutters, and downspouts
  • Fix existing HVAC systems
  • Update plumbing and electrical systems
  • Paint-interior and exterior
  • Weatherization-insulation, weather stripping, etc.
  • Replacement Windows and Doors
  • Upgrade appliances which may include ranges, refrigerators, washers/dryers, dishwashers, and microwaves
  • Rehab-replace decks, patios, and porches
  • Basement finishing, remodeling, waterproofing which does not require structural repairs.
  • Improve accessibility for disabled persons
  • Structural repairs and improvements are not eligible

I wish I would have known about the FHA 203k loan when I bought my first house. My wife and I bought a charming Victorian which was 115 years old and it needed new siding, roofing, and windows and the cost was $25,000. We had to use credit cards and all our savings to pay for the repairs because we did not know about the 203k rehab loan.

The 203k Streamline Rehab loan is great for first time home buyers who want to buy a nice starter home and don't want to use their savings and credit cards to fix it up.

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