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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Lock your Rate up to 180 Days, then Re-Lock it!

question manWhat if I were to tell you that I have a special mortgage program??

What if I were to tell you I have some of the best mortgage rates??

What if I were to tell you I have very competitive closing costs??

Yup…ordinary, just like all the other mortgage companies, banks, credit unions etc!  Pretty dull and boring when it comes right down to it.

Percent Down

Relock Today!

But what if I were tell you that you could lock your mortgage rate in at todays rate and if the rate drops during the process of your mortgage, you could re-lock to the lower rate.  And…It’s FREE!!  Yes, FREE!  No additional premiums, no inflated start rate and it’s offered on fixed rate mortgages.

Buying new construction or Building a new home?  These homes can typically take 3 to 6 months to complete.  In this volatile market of rates changing daily, you can lock in your mortgage rate for 180 days and if the rates drop, you can take advantage of the lower rates.  This allows you the security locking and peace of mind knowing you can still float your mortgage rate down.

But Wait!!!  There’s more!!!  What if you don’t have a signed offer on hand or have even identified a home?  How about if I told you that you could LOCK into a mortgage rate while you were shopping for homes.  This allows you focus on your new home and not have to worry about the markets and at what point rates will move.

This is for fixed rates mortgages up to $417,000.  Don’t be fooled by other lenders that offer these programs and then require you to use an Adjustable Rate or charge you a premium.    I have attached a flyer so that you can share this great program with your friends, clients, builders and whom ever may be in the market.

Click here for your own Float Down Flyer: Float Down

You must have applied for a mortgage through Bill Nickerson and PrimeLending.  You must meet Fannie Mae guidelines and be approved for a mortgage. This article is not a commitment to lend nor does it guarantee the program without first verifying credit, income and all financial documents.  Please call me at 978-273-3227 or wnickerson@primelending.com to see if you qualify for a mortgage today.

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