- 2018 Posts

  1. FHFA Conforming Loan Limits 2019
  2. How 2018 Market Trends Will Affect Wisconsin Buyers
  3. No Money Down Home Loans Appleton Oshkosh Green Bay Wisconsin
  4. Benefits of using FHA for your home loan
  5. Benefits of being a homeowner
  6. Wisconsin local lender vs online lender
  7. Home Loan Pre-Approval
  8. No Money Down Home Loan
  9. Serve and Support Loans
  10. Debt Consolidation and Cash Out

+ 2017 Posts

+ 2016 Posts

+ 2015 Posts

FHA 203K loan – purchases and refinances that include rehab money

February 01, 2016

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