FHA Streamline 203(K)
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The FHA Streamline 203(k) loan program allows homebuyers to obtain financing for both the purchase of a home and funds for repairs/renovations through a single loan. Borrowers can receive a single loan for up to 97.75% of the purchase price plus renovation costs. The loan has a fixed rate and 30-year term. Eligible improvements include repairs to roofs, plumbing, electrical systems, and minor remodeling of kitchens and bathrooms. Ineligible improvements are major renovations like room additions or repairs arising from structural damage.
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FHA Streamline 203(K)
- 1. FHA STREAMLINE 203(K) REHABILITATION LOAN PROGRAM Obtain home loan financing and the funds for renovation in one loan Have you found a home that would be perfect HIGHLIGHTS with a few renovations? FHA Streamline 203(k) features: Or perhaps you are considering improving your current home, or Q Primary residences that are renovating your bathroom or kitchen. If any of these possibilities are in 1- to 4-unit properties your future, an FHA Streamline 203(k) Loan may be a good option for Q Purchase and rate/term refinancing your renovation needs. Q Fixed rate mortgages with 30-year term The FHA Streamline 203(k) Loan provides financing and funds for the Q One underwriting review and one cost of renovation in one easy loan closing process to qualified closing for rehabilitation construction borrowers. If you qualify, you will receive a cost-effective single-close and permanent financing option that enables you to remodel a kitchen or bath, repair a roof or make other important improvements to an existing or newly purchased home that needs renovation. (1) Advantages to the FHA Streamline 203K Q Down payment as low as 3.5% Q Cost effective way to renovate an existing home Q One loan amount for purchase or refinance and repairs Q Mortgage is FHA insured Q Up to six months allowed for completion of rehabilitation Q Mortgage amount may be also increased when construction combining EEM (Energy Efficient Mortgage) with the Q Loan fees may be financed FHA Streamline 203(k) Q Great tool for REO Properties Maximum loan amounts and other restrictions apply. Ask for details. (1) Borrowers may use the loan to make any improve- ments that add value to the property and are permanently affixed. Most improvements and repairs are acceptable for financing; however, the following are ineligible in all cases: new detached living units, improvements intended for commercial/business use and non-permanent improvements. Some products may not be available in all states. Credit and collateral are subject to approval. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. All rights reserved. 04-27-2009 PRGM-01-09-0035.C AR76520 Call me today for information and a free loan consultation! Mike Bon MLO-119781 Your Future is Our Focus Mortgage Advisor Cell: 253-495-2095 Mill Creek Office Direct: 425-224-8347 15117 Main Street Suite B106 Mill Creek, WA 98012 mbon@MAGloans.net Phone: 425.224.8300 Toll Free: 888.618.8007 Mortgage Advisory Groups top-notch customer service is the core of our outstanding reputation. We pride ourselves on extensive knowledge of Bellevue Office mortgage programs and regulations, advising you on the best option for 225 108th Ave NE Suite N150 Bellevue, WA 98004 your needs, today and for years to come. Office: 425.732.5800 Toll Free: 877.752.8007 A Lifetime of Mortgage Advice www.MAGloans.com Bellevue Everett Marysville Mill Creek Puyallup Wenatchee Woodinville Arizona Global Advisory Group, Inc. dba Mortgage Advisory Group Equal Housing Lender Rev. 03/11
- 2. FHA STREAMLINE 203(K) REHABILITATION LOAN PROGRAM FHA 203(k) Streamline Eligible Improvements Below are the types of improvement that are allowed on the Streamline 203(k) program: Q Repair/replacement of roofs, gutters and downspouts Q Accessibility improvement for person with disabilities Q Repair/replacement /upgrade of existing heating, Q Painting, interior and/or exterior ventilation and air conditioning systems Q Repair/replace/add exterior decks, patios, and Q Repair/replacement/upgrade of plumbing and porches electrical systems Q Basement finishing and remodeling which does not Q Repair/replacement of existing flooring involve structural repairs Q Minor remodeling, such as kitchens, bathrooms, which Q Basement waterproofing do not involve structural repairs Q Window and door replacement and exterior wall Q Weatherization: including storm windows and doors, re-siding insulation, weather stripping, etc Q Septic system and/or well repair or replacement Q Purchase and installation of appliances, including freestanding ranges, refrigerators, washer/dryers, dishwashers and microwave ovens FHA 203(k) Streamline Ineligible Improvements Below are the types of improvement that are NOT ALLOWED on the Streamline 203(k) program: Q Major rehabilitation or major remodeling such as the Q Rehabilitation activities that require more than 2 relocation of a load-bearing wall payments per specialized contractor Q New construction (including rooms additions) Q Walkway or driveways Q Repair of structural damage Q Required repairs arising from the appraisal that do not appear on the list of eligible repairs Q Repairs requiring detailed drawing of architectural exhibits Q Landscaping or similar site amenity improvements Q Luxury items such as swimming pools, hot tubs, tennis courts, gazebos, barbecue pits, etc. Q Any repair or improvement requiring a work schedule longer than 6 months Bellevue Everett Marysville Mill Creek Puyallup Wenatchee Woodinville Arizona Global Advisory Group, Inc. dba Mortgage Advisory Group Equal Housing Lender Rev. 03/11