3.5% down on FHA Rehab Loans

Have you ever wanted to buy a fixer upper?  Did you know FHA offers a few different types of rehabilitation loans?  The Streamline FHA is one of the most common Rehab Home 2loans available.  This allows you to add an additional $35,000 to your base mortgage to improve or upgrade your home prior to moving in. The same low down payment of 3.5% is required and a minimum Credit score of 640.  Gifts are available as well as seller credits, go here to learn more about that. Seller Concessions and Gifts.

The list below is a general outline of all the items you are able to repair, fix and even replace. 

  • Repair/replace roofs, gutters and downspouts
  • Repair/replace/upgrade of existing HVAC systems
  • Repair/replace/upgrade of plumbing and electrical systems
  • Repair/replace existing flooring
  • Minor remodeling, such as, kitchens, which does not involve structural repairs
  • Exterior and interior painting
  • Weatherization: including storm windows and doors, insulation, weather stripping, etc.
  • Purchase and installation of appliances. Appliances may include free-standing ranges, refrigerators, washers, dryers, dishwashers and microwaves
  • Improvements for accessibility for person with disabilities
  • Lead based paint stabilization or abatement of lead based paint hazards
  • Repair/replace exterior decks, patios, porches
  • Basement refinishing and remodeling, which does not involve structural repairs
  • Basement waterproofing
  • Window and door replacements and exterior wall re-siding
  • Septic system and or well repair or replacement
  • 10% contingency reserve with a maximum of $2,500; 15% with no utilities on or foreclosed property

Rehab Home

The FHA 203K Rehab loan is a great way to get into a home that may need a little work or a full transformation.  For more information about Rehab Loans, call or email me anytime.

Email me at Bill’s Email

call me on cell:978-273-3227

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3 thoughts on “3.5% down on FHA Rehab Loans

Please leave a reply. Thank you! Bill

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