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 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

Apply for a Mortgage with Bill Nickerson

Hi, My name is Bill Nickerson and I am a Senior Loan Advisor with Flagstar Bank based out of Michigan.  I have been providing residential mortgages since 1991. I grew up in Acton, Massachusetts, My Father was from Concord and my Mother was from Boxborough and we settled in the middle.  

One of the steps in preparing yourself for home ownership is to obtain an approval from your lender or bank.  This process involves filling out a mortgage application and this can be done online, in person as well as over the phone.

This process is done without identifying a property, we would use a range of purchase prices with your down payment to create payments that you are comfortable with.  It is important to understand that it is not what you are approved for, but what you are comfortable paying each month while carrying your traditional living expenses.  You will want to develop a long term plan, 5 to 10 years of what your goals will be with home ownership.  This will help you with budgeting and planning for the size of home you that will best suit your financial needs.

In addition to the application, we will be looking to verify your income, assets and debts through pay-stubs, bank statements and pulling your credit.  Once we have these items in hand, the approval process will take about an hour to confirm this information and provide you with an official approval letter. Here is a detailed list of the items needed for your approval.

 I work closely with your real estate agent and real estate attorney to help coordinate your offer and the purchase of your new home.

To apply for a mortgage, you can click here Apply Online, once completed, I will receive an email alert and will begin the process immediately for you.

For more information on home ownership, to make an appointment for a consultation, feel free to call or email me anytime.

Bill Nickerson NMLS #4194

Flagstar Bank

1500 District Avenue, Burlington MA 01803

www.billnickerson.com

978-273-3227