The Streamlined Federal Housing Authority 203(k) program allows qualified borrowers to finance an extra $35,000 for a variety of home improvements. This excellent program was put on hold last year due to issues many lenders had managing disbursements. Since then there have been improved processes that are now in place. We are now pleased to be able to offer this option again.
Use the $35,000 for a variety of improvements!
· Replace or repair: roofs, gutters, siding, downspouts, doors, windows, plumbing, electrical systems, flooring, insulation, decks, patios, porches, even HVAC systems.
· Appliances: Purchase and install washers, dryers, refrigerators, free standing ranges, microwaves, and dishwashers.
· Make improvements of accessibility for people with disabilities.
· Even remodeling, as long as it does not involve structural alterations. Ex. finishing an unfinished room is acceptable, altering wall placement is not.
Program Highlights:
· Eligible on fixed rate mortgages with 30 year terms.
· One underwriting review and one closing review. The financing will be based off the completed value of the home rather than the present value.
· Eligible for 1-4 unit primary residences.
· No minimum amount; borrowers may finance up to an additional $35,000.
· Funding may be used for a variety of improvements. Structural alterations are not allowed.
· Borrowers have up to six months to complete improvements.
The Streamlined 203(k) program is a great solution for clients who are searching for a cost effective way to repair or improve their current home but do not want a second mortgage. It is also a great solution for buyers who are interested in improving a property.
Thanks,
Bryce Mead
brycemead.com
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