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Mortgage Alternative for Cash Only Listings
203k Streamline Rehab Loan
 
Use this program to buy the cash only offer house that needs repairs done prior to closing to have a mortgage or the out-dated house that is perfect just stuck in the 70's
 
Loan Basic Criteria:
FHA loan with 3.5% down payment based on total of acquisition cost and repairs
Must use an FHA approved inspector to determine estimate of repair costs
Can be used to make repairs and upgrades to property after closing
Appraisal value based on completed project
Up to $35,000 in repairs
No structural repairs allowed
Can include cosmetic upgrades
Construction must be complete in less than 6 months
Can include monthly payments in loan amount while waiting for completion of project
Must use Class A or B contractor that is licensed and insured
Call me with any questions! 757-237-4920
... more

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