Purchase and Rehab with ONE loan and ONE closing
FHA HOME RENOVATION LOAN PROGRAM (203KS)
Also available for Refinancing of existing owner occupied Properties
Example of a 203K Streamline
Household improvement up to a maximum of $35,000. Home purchase with 3% Down (Can be gifted)
HUD has defined eligible renovation as:
OWNER OCCUPIED PROPERTIES ONLY
Repair/Replacement roofs, gutters, and downspouts
Repair/Replacement/Upgrade of existing HV AC systems
Repair/Replacement/Upgrade of plumbing and electrical systems
Repair/Replacement of 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.
Appliances - Purchase and installation are included. Appliances may include free-standing ranges, refrigerators, washers/dryers, dishwashers, and microwaves
Lead-based paint stabilization or abatement of lead-based paint hazards
Repair/Replace/Add exterior decks, patios, porches
Basement finishing 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
Improvements for accessibility for persons with disabilities
For lead-based paint stabilization costs above and beyond that paid for by HUD when it sells real estate owned (REO)
HUD has defined Ineligible Renovation as:
Major rehabilitation or major remodeling, such as the relocation of a load bearing wall
New construction (including room additions)
Repair of structural damage
Repairs requiring detailed drawings or architectural exhibits
Landscaping or similar site amenity improvements
Any repair or improvement requiring a work schedule longer than six (6) months
Rehabilitation activities that require more than two (2) payments per specialized contractorIf you have any questions, comments, concerns, or criticisms - please feel free to email or call me about FHA 203k
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