The FHA 203k loan allows you to get the money for the home improvements all in one loan as a purchase or a refinance.  FHA 203k loans are unique and have many misunderstandings about them.  I will be explaining the basics of the FHA streamline 203k limited repair program. 

To qualify for the loan itself it follows the same parameters to qualify for a regular FHA Loan with a credit score of 620 and at least a 3.5% down payment.  The repairs must be non-structural thus no foundation or a relocation of a load-bearing wall.  Repairs included in the loan can include the repair, replacement, and/or upgrade of almost anything such as

  • Flooring
  • Electrical
  • Painting
  • Cabinets
  • Decks
  • Windows
  • etc...

We do require 2 bids for all work over $5,000.  Any items the appraiser requires to be done must be done as a part of the rehabilitation to make the property FHA eligible.  The maximum allowed is $35,000.

Careful planning upfront will make for a smooth transaction.  The information provided is certainly not all inclusive and was just meant to explain the basics of the repair program.  For more detail or specific questions please contact me at mark.nehs@pncmortgage.com

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Mark Nehs, Wisconsin Mortgage Loan Officer                                         
Waukesha, Oconomowoc, Pewaukee, Brookfield, Lake Country, Menomonee Falls, Sussex, Hartford
West Allis, Wauwatosa, New Berlin, Muskego, Delafield, Hartland, Dousman, Watertown

Contact info PNC Mortgage Waukesha Wisconsin

Shopping for the lowest mortgage rate is easy. Finding a seasoned professional that can deliver those rates to you is where I come in.  Call me, Mark Nehs, today at 262-613-2730.  Your Waukesha Wisconsin Mortgage Lender.

 

 
Posted by Mark Nehs on 04/23/2011 12:49 PM   Comments (4)   FHA 203k in the Home Improvement Channel   fha, 203k, rehab loan  
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4 Comments on FHA Streamline 203k Limited Repair Program

APR
23
2011

Thanks for posting. Another way to get a deal done in this tough market. Although, you'd be surprised how many agents or L/O's cringe when FHA 203K is mentioned.... lazy? haha
12:59pm • #1

Mark,

Thanks for providing the info. While I knew most of the information, I did learn that the upper limit is $35,000
1:00pm • #2
APR
30
2011
1,260,242 Points 2 Featured Posts Outside Blog Hit Router

Mark

This is a really good program for a buyer to take advantage of
3:11pm • #3
MAY
05
2011

Good to see Washington is promoting the 203k loan.  Realtors in SoCal don't like or understand this loan which makes it more difficult to convince buyers that this is a unique loan that can be a win-win for all involved.
Kevin the 203k loan guy
1:14am • #4


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Mark Nehs

Pewaukee, WI

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Mortgage Loan Officer Waukesha Wisconsin

Address: 395 Pewaukee Road, Pewaukee, WI, 53072

Office Phone: (262) 691-5843

Cell Phone: (262) 613-2730

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Learn all about Mortgage lending from a 20 year veteran of the mortgage business in Wisconsin. FHA, VA, Rural development, conventional, 80/10, and more. All types of mortgage loans for Wisconsin consumers looking to purchase or refinance.
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