The FHA 203K Streamline loan program allows you to finance up to $35,000 in renovation and repairs into your mortgage loan. If you are looking at purchasing a home, you can finance any repairs needed along with new carpet, new painting, and buy your home “Move in Ready”! If you are a homeowner and your current home needs to be updated or repaired, you can refinance the repair and upgrade cost into your home loan with a one time closing. The homeowner or home-buyer obtains bids for the cost of the repairs from licensed contractors and the appraisal is done “subject to” the completion of the improvements, and your loan is based off the after-improved value rather than the current value of the home.
Loan Program Qualification Details:
- As little as 3.5% down payment
- Minimum 640 credit score
- Primary residences only
- Up to $35,000* for repairs or renovation
- Finance 100% of weatherization/energy efficient improvements
- Finance construction costs with a single closing
- You pick the licensed and insured contractors
- Wide variety of repairs covered (including roofs, kitchen/bath remodels, flooring, paint, new appliances, plumbing/electrical repairs, and lead-based paint abatement’s)
- Custom options/upgrades that YOU get to choose.
- Appraisers are given a list of work before initial inspection so an accurate completed value may be determined.
For more information, please call 919-866-0212 to speak with a Mortgage Loan Expert who can answer any questions you may have!