A Home Repair Loan

FHA's Streamlined 203(k) Loan Program

I wanted to make sure you knew about a wonderful loan program that lets homebuyers finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. FHA's Streamlined 203(k) Loan Program helps homebuyers tap into cash to pay for property repairs or improvements, like those identified by a home inspector or FHA appraiser. Here are some of the eligible repairs and improvements for the 203(k) loan program: Repair or replacement of roofs, downspouts, and gutters Repair, replacement, or upgrade of existing HVAC systems Repair or replacement of flooring Minor remodeling (i.e. kitchen) not involving structural repairs Painting of the interior and exterior Weatherization, including storm windows and doors, insulation, weather stripping, etc Purchase and installation of appliances, including washers and dryers, refrigerators, dishwashers, microwave ovens, and free-standing ranges Accessibility improvements for people with disabilities Repair, replace, or add exterior decks, patios, or porches Basement finishing and remodeling not involving structural repairs Window and door replacements and exterior wall re-siding Septic system or well repair or replacement Lead-based paint stabilization or abatement of lead-based paint hazards (engineer's report required upon completion)

FHA 203(k) loans can be used for purchasing a primary residence or refinancing the rate and term. Cash-out refinances are not allowed.

If you have any clients who you think may benefit from this program, let me know and I'll be happy to review their situation anytime.