FHA’s Streamlined 203 Mortgage Program

I wanted to make sure you knew about a wonderful loan  program that lets homebuyers finance up to an additional $35,000 into their  mortgage to improve or upgrade their home before move-in. FHA’s Streamlined  203(k) Loan Program helps homebuyers tap into cash to pay for property repairs  or improvements, like those identified by a home inspector or FHA appraiser.
Here are some of the eligible repairs and improvements for  the 203(k) loan program:

  • Repair or replacement of roofs, downspouts, and gutters
  • Repair, replacement, or upgrade of existing HVAC systems
  • Repair or replacement of flooring
  • Minor remodeling (i.e. kitchen) not involving structural repairs
  • Painting of the interior and exterior
  • Weatherization, including storm windows and doors, insulation, weather stripping, etc
  • Purchase and installation of appliances, including washers and dryers, refrigerators, dishwashers, microwave ovens, and free-standing ranges
  • Accessibility improvements for people with disabilities
  • Repair, replace, or add exterior decks, patios, or porches
  • Basement finishing and remodeling not involving structural repairs
  • Window and door replacements and exterior wall re-siding
  • Septic system or well repair or replacement
  • Lead-based paint stabilization or abatement of lead-based paint hazards (engineer’s report required upon completion)

   FHA 203(k) loans can be used for purchasing a primary  residence or refinancing the rate and term. Cash-out refinances are not  allowed.

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About Best Florida Mortgage Company! Jim Marcinkowski

Mission Statement Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships. NMLS 182565, NMLS 1016
This entry was posted in Credit Score, FHA 203k, Loan, Mortgage, Mortgage Financing, Refinance and tagged , , , , , , , . Bookmark the permalink.

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