Obtain home loan financing and the funds for renovation in one loan!
Have you found a home that would be perfect with a few renovations?
Or perhaps you are considering improving your current home, or renovating your bathroom or kitchen. If any of these possibilities are in your future, an FHA Streamline 203(k) loan may be a good option for your renovation needs.
The FHA Streamline 203(k) loan provides financing and funds for the cost of renovation in one easy loan closing process to qualified borrowers. If you qualify, you will receive a cost-effective single-close option that enables you to remodel a kitchen or bath, repair a roof or make other important improvements to an existing or newly purchased home that needs renovation. (1)
FHA Streamline 203k features:
- Primary residences that are
- 1- to 4-unit properties
- Purchase and rate/term refinancing
- Fixed rate mortgages with 30-year term
- One underwriting review and one
- closing for rehabilitation construction and permanent financing
Advantages to The FHA Steamline 203k
Maximum loan amounts and other restrictions apply. Ask for details. (1) Borrowers may use the loan to make any improvements that add value to the property and are permanently affixed. Most improvements and repairs are acceptable for financing; however, the following are ineligible in all cases: new detached living units, improvements intended for commercial/business use and non-permanent improvements. Equal Housing Lender. Some products may not be available in all states. Credit and collateral are subject to approval. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. All rights reserved. 04-27-2009 PRGM-01-09-0035.C AR76520
- Down payment as low as 3.5%
- One loan amount for the purchase or refinance and the repairs
- Up to six months allowed for completion of rehabilitation construction
- Loan fees may be financed
- Great tool for REO Properties
- Cost effective way to renovate an existing home
- Mortgage is FHA insured
- Mortgage amount may be also increased when combining EEM (Energy Efficient Mortgage) with the FHA Streamline 203(k)