FHA 203K

FHA 203K Streamline – Purchase and Renovate All in One Loan.

Same great FHA loan down payment and guidelines apply but you can add funds to your mortgage for repair/rehab AFTER close of escrow. Repair funds are issued in two draws, 50% at close of escrow and 50% upon completion of entire project. Best of all imortgage will service the draws locally – no more waiting for the investor to issue final draws!!

Repairs include:

• Roofs, gutters and downspouts
• HVAC Systems (heating, venting, air conditioning)
• Plumbing and Electrical
• Flooring, Paint, Appliances
• New windows, doors, ceiling fans, energy efficient improvements
• Stabilizing or removing lead base paint
• Mold remediation

And more

Repairs not permitted with the 203K Streamline include:

• Landscape
• Major remodeling or add on’s
• Structural damage repair
• Fencing is limited to repair of existing fence with like kind fencing

Do-It-Yourself:

• Many repairs are purchase only and/or work you can do yourself
• Only materials may be included in costs, no labor costs permitted for you or your family members
• Homeowner must demonstrate they have the ability and expertise by completing a “Self-Help Agreement”

Contractors:

• You may select your own contractor
• Contractor must be licensed if contract is more than $1,000

Terms and Conditions:

• Minimum repair/rehab funds of $5,000 and maximum of $15,000 for the streamline 203K
• Work must commence within 30 days and complete within six months
• Buyer must occupy the property within 30 days
• Work must be completed in a professional manner
• Buyer must obtain proper permit and inspections for any repair requiring a permit