FHA 203K

+ - Very Little out of Pocket

* Minimum 3.5% Down Seller Contributions & Gifts Are Acceptable. FHA 203k Loans helps home-buyers to purchase an existing house and include the cost of its rehabilitation through a single mortgage. The minimum rehabilitation amount must be at least $5,000, with the total value of the property falling within the FHA mortgage limit for the area. There are 2 types of 203k loans. Please call to review your 203K options in detail.

+ - Getting Started

1. Notice What Needs To Be Repaired
2. Get Estimates From Contractors
3. Choose Appliances (if necessary) That’s It! We Take Care Of The Rest! We simply add the total cost of repair to the price of the home and finance everything for you!

+ - Structural Alterations

* Changes for improved functions and modernization Elimination of health/safety hazards
* Changes for aesthetic appeal
* Plumbing, heating air conditioning, and electrical upgrades Well and/or septic repairs
* Roofing, gutters and downspouts
* Flooring, tiling and carpeting
* Energy conservation improvements
* Major landscape work and site improvement
* Access for the disabled
* Plus Many More!

Fannie Mae Homestyle Renovation

+ - Buy and Repair

* Borrowers obtain financing that covers both the acquisition and/or rehabilitation of the property.
* Purchase and rate/term refinances available.
* Renovation funds limited to a maximum of 50% of the After-Improved value of the property.
* Improvements must be permanently affixed and add value to the property.
* Escrow up to 6 mo. PITI if property is uninhabitable during the renovation period..

+ - Program Highlights

* Allows for repairs and improvements to be completed after closing for purchases.
* Renovation funds are included in the loan balance.
* Can borrow against the property value after improvements.
* Avoid construction loans.
* Increases property value and builds equity.
* Combines the cost of the home and renovation into one single close mortgage

+ - Improvements Allowed

* Structural alterations and additions
* Upgrade or modernization of central air/heat, plumbing, and electrical systems
* Install, repair or replace well and septic systems
* Repair termite or moisture damage
* Remodeling of kitchen and baths
* Energy conservation improvements
* New permanently affixed appliances
* Addition or replacement of exterior decks, patios, and porches
* Major landscaping, driveways, walkways, retaining walls and fences

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