Sometimes a buyer loves a house, but they just can't stand that awful wallpaper or carpet.  Maybe they want to update some of the appliances, but they just don't think they can afford it.  With Prospect Mortgage's Streamline 203K Renovation loan, homebuyers can make these minor cosmetic changes with extra monies wrapped into their home loan!

•  Repairs may range from $5,000 to $35,000. 
•  Loans can go up to 110% of the after-improved appraised value! (Condos limited to 100%)
•  Requires less documentation than a full 203K Renovation Loan.
•  Repairs are based on a home inspection, appraiser's HUD required repairs or contractor bids.
•  No general contractor is required.
•  The repairs can either be required or optional.

 Acceptable Repairs for the Streamline include:

• Repair/replacement of roofs, gutters or downspouts.
• Repair/replacement/upgrade of existing HVAC systems.
• Repair/replacement/upgrade of plumbing or electrical systems.
• Repair/replacement of existing flooring.
• Minor remodeling, such as kitchens, which does not involve structural repairs.
• Interior and exterior painting.
• Weatherization: including storm windows and doors, insulation, weather stripping etc.
• Purchase and installation of appliances, including freestanding ranges, refrigerators,  washers/dryers, dishwashers and microwave ovens.
• Accessibility improvements for accessibility for persons with disabilities.
• 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.
• Lead-based paint stabilization or abatement of lead-based paint hazards.

Ineligible Repairs for the Streamline include:

• 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 of 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 Contractor.

In today's market, this is the perfect financing solution to be able to purchase a foreclosure or any other property in need of some updating. 

It is always advisable to consult with a Certified Mortgage Planning Specialist  (CMPS) when navigating today's turbulent mortgage and real estate marketplace. As a CMPS professional, I am committed, qualified and equipped to help you evaluate your options!

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Rodney Mason is a Certified Mortgage Planning Specialist located in Atlanta, GA.  He is also 203K Renovation Loan and REO Property Specialist.  He can be reached at (404) 591-2453.