Finance home repairs or remodels at closing
with an FHA 203(k) Streamline Loan
You’re looking at a house with “good bones” but it needs a lot of work. This streamline loan program provides up to $35,000* for renovations and repairs of your primary residence by financing the after-improved value rather than the present value of the home. Qualified borrowers receive a single loan with one closing!
Today in South Florida such as Miramar, Hollywood, Miami and other areas in Florida are seeing lots of property that are going on the market and are requiring lots of repairs…from REO's (Bank Owned Properties) to Short Sales (Pre Foreclosures) and this is the perfect program to allow a buyer with little money down and still have the benefit to buy the property and make it their dream home.
Combine repairs and home financing into one loan. The FHA 203k Streamline allows borrowers to finance the purchase or refinance of an existing home and make improvements or upgrades up to $35,000.00.
$5,000.00 minimum repair cost required under the FHA 203k Streamline loan program.
- As little as 3.5% down payment
- Up to $35,000* for repairs or renovation
- Finance 100% of weatherization/energy efficient improvements**
- Finance construction costs with a single closing
- You pick the contractors
- Wide variety of repairs covered, including roofs, kitchen/bath remodels, flooring, paint, new appliances, plumbing/electrical repairs, and lead-based paint abatements
* Must include fees, contingency reserve and repairs.
** Dollar limits apply. Energy Efficient Mortgage Program improvements must reduce energy expense of a home to qualify. Examples of qualifying improvements include central heating/cooling, replacing wall heating units, test and seal ductwork, dual pane or low E windows and sliding doors, exterior doors and sunscreens, attic and wall insulation and water heater replacement.
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