Prices of new construction and newer existing homes have been going up fast over the last several years and first time home buyers may want to consider buying a fixer upper. The FHA Streamline 203k Renovation Loan allows you to finance up to $30,000 repairs and remodeling costs into the mortgage.
Some Advantages of FHA 203k Renovation Loan are:
Must have minimum $5,000 repairs and remodeling costs and the maximum renovations are $30,000.
Loans can go up to 110% of the after-improved appraised value!
There is no 203(k) consultant involved. Repairs are usually based on contractor bids.
Down Payment Assistance is allowed and the seller can pay up to 6% of the purchase price in closing costs which means you may be able to buy a home and fix it up with no money out of your pocket!
Use your Streamline loan to make any of these 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
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