Home Buyers

FHA 203k

Total Additional financed improvements can be as high as $45,000 on the streamline 203k loan including the $8,000 EEM and $2,000 weatherization items.

• Are you interested in purchasing a property that needs repairs?
• Do you want to save time and money by financing the purchase of your home while adding the cost of repairs to your home loan?
• You may not qualify for a conventional loan due to the down payment requriements but this loan only requires 3.5% down payment or as little as $100 down payment for a HUD foreclsoure.
• First time home buyers are allowed but not a requirement.
• Do you wish to improve the energy efficiency of the home that you are purchasing?
• This is an opportunity to borrow against the value of the home that you are buying after improvements.
• Owner occupied, 1-4 unit properties, PUS's, Condo's.
• Properties must be at least one year old.
• Work can be completed by contractor or borrower if licensed.
• REO's, Foreclosures, HUD homes, VA foreclosures, and Short Sales are ok!
• The seller of your home can still pay up to 6% of your loan closing costs!

Eligible Improvements

• Repair or repalce: * Roofs, gutters, and downspouts *Heating, ventilation and air conditioning system *Finish flooring and non structural sub flooring (does not inlcude structural sub floor elements such as floor joists)

• Upgrage or replace plumbing and electrical systems

• Painting - Interior/Exterior - including lead-based paint stabilization or abatement of lead-based paint hazards

• Bathroom and kitchen remodels that do not invole any structural repairs

• New appliances (range &/or oven, range hood, refigerator, trash compactor, and washer/dryer - built in or free standing

• Energy Efficient Improvements - may include windows, doors, HVAC systems, furnaces, solar panels, etc.....

• Improvements for accessibility for persons with disabilities - kitchen and bath remodels to lower counter/cabinet height, installing wheelchair access ramps, widening doorways (non load bearing walls only)

• Windows and doors

• Exterior improvements such as decks, patios, poarches, and fences

• Basement finishing and remodeling - including adding walls and bathrooms provinding that there are no structural elements involved

• Basement waterproofing

• Mold abatement

• Treatment of active termite infestation and repairs (tenting, etc...)

• Connection to public water or sewer

• Repair or repalcement of septic tank or well systems

Ineligible Improvements

• Pool repair or construction - pools must be in good working order at time of appraisal inspection

• Solar panels used to heat a pool or spa

• Adding or repairing a driveway or sidewalk

• Replacing posts in crawl spaces

• Structural sub floors

• Landscaping or similar site amenities

• Repair of structural damage

• New construction - including room additions

• Major rehabilitation or remodeling such as the relocation of load bearing walls

• Any repair or improvement that will require more than 6 months to complete or will displace the borrower for more than 30 days

• Work that will not begin within 30 days of closing

• Repairs that will require more than 2 draws

• Repairs that require detailed drawings or architectural exhibits