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 
loans 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
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
The Mortgage Markets 