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FHA 203K Loan

April 20, 2017

Good News! FHA is offering a loan that helps with home repairs, either with a new purchase or a refinance. Borrowing for costly home repairs from your family or waiting forever to try to take out a home equity loan is no longer necessary!

 

The FHA 203K Streamline Mortgage program lets you include the cost of repairs in the loan. The 203K allows home buyers to finance an additional $35,000 into their mortgage to improve or upgrade their homes before move-in.

 

Below is a list of repairs that are eligible with this program:

  • Repair/Replacement of roofs, gutters and downspouts
  • Repair/Replace/Upgrade of existing HVAC systems
  • Repair/Replace/Upgrade of plumbing and electrical systems
  • Repair/Replacement of existing flooring
  • Minor remodeling, such as kitchens and baths
  • Exterior and interior painting
  • Weatherization that includes storm windows and doors, insulation, weather stripping, etc.
  • Non-structural improvements for accessibility for persons with disabilities
  • Discretionary repair items that may not have been included in the appraisal, such as, repair of exterior decks, basement waterproofing, etc.

Contact us at GSF Mortgage today to discuss your 203K purchase or refinance today!

 

 

Ron Meyer
GSF Mortgage Corporation
300 Patriot Dr.
Little Chute, WI 54140
(920) 788-9608
rmeyer@gogsf.com
NMLS #222688 & 1018