Home Repair Home Loans

FHA 203K and 203K streamline loans enable borrowers to either purchase or refinance their home and include rehabilitation/improvement costs in one mortgage loan.

Requirements:
• Primary residence only
• Purchase or refinance to improve or make major structural repairs
• Qualified borrowers must meet the standard requirements for an FHA loan
• Cash required: 3.5% of the total of purchase price PLUS estimated repair costs

Types of properties eligible:
• Single-family to two-family dwellings
• Existing construction that has been completed for at least one year
• Tear downs, as long as part of the existing foundation is used
• Moving an existing house to a new foundation
• FHA approved condos

Partial list of what can be fixed by the borrower:
♦ Flooring - tile, carpeting, wood
♦ Landscaping - removal or addition of trees, plants, flowers, grading, patios, repair of driveways and walkways
♦ Painting - interior and exterior house and other structures on the property
♦ Bathrooms - enlarge, replace tubs, toilets, fixtures, tiling
♦ Kitchens - enlarge, replace flooring, appliances, fixtures and cabinets
♦ Basement - finish, add bedrooms, baths, family room, wire for entertainment system
♦ New Additions - bathrooms, bedrooms, family room, sun room
♦ Upgrades - thermal windows, insulation, solar panels, new doors, energy efficient appliances