The FHA 203k Streamline Rehabilitation Loan is a Great Programs for Individuals interested in purchasing a property in need of repairs or are existing homeowners who are in need of funds to rehabilitate their home. The program helps to save time and money by financing the purchase of their home with the cost of repairs included in the loan or refinance their home with the cost of upgrading repair costs included in the loan. The work must be completed by a licensed contractor or the borrower, if the borrower qualifies.
The FHA 203K Streamline Rehabilitation Loan (the most popular) has a limit of the lesser of $35,000.00 or 110% of the “as completed” value. This loan does not allow any Structural repairs.
The FHA 203K Full Rehabilitation Loan has a limit of 110% of the “as completed” value but it allows Structural repairs. As an example: Add a bedroom, bathroom or new kitchen.
If you are interested in one of these loans contact me.