Special offer

Mortgage Alternative for Cash Only Listings

By
Mortgage and Lending with Veterans United Home Loans NMLS #1907 NMLS# 261072

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