Streamline 203k Features:
Enables borrowers to finance both the purchase or refinance of a home and the cost of its rehabilitation through a single mortgage
Term: 30 year fixed
The Streamlined FHA 203k program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are NOT required.
Due to the rehabilitation amount limitation of $35k, eligible improvements are limited and can not include: new construction such as a room addition, repairs to structural damage or site amenity improvements.
680 middle Score- 43% debt to income ration with an AUS approval and all standard FHA standard guidelines apply.
3.5% down payment and 6% seller contributions
Cash-out is not allowed and loan proceeds not advanced must be applied to principal.
Maximum repair amount is $35k minimum repair amount is $5k
STAY TUNED for a list of Eligible Improvements.
Please visit my website www.vshomeloans.com
My name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Ask Val in Birmingham, Alabama. You may contact me by email at valerie.springer@nflp.com or call 205-995-7283 x 305.
Enables borrowers to finance both the purchase or refinance of a home and the cost of its rehabilitation through a single mortgage
Term: 30 year fixed
The Streamlined FHA 203k program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are NOT required.
Due to the rehabilitation amount limitation of $35k, eligible improvements are limited and can not include: new construction such as a room addition, repairs to structural damage or site amenity improvements.
680 middle Score- 43% debt to income ration with an AUS approval and all standard FHA standard guidelines apply.
3.5% down payment and 6% seller contributions
Cash-out is not allowed and loan proceeds not advanced must be applied to principal.
Maximum repair amount is $35k minimum repair amount is $5k
STAY TUNED for a list of Eligible Improvements.
Please visit my website www.vshomeloans.com
My name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Ask Val in Birmingham, Alabama. You may contact me by email at valerie.springer@nflp.com or call 205-995-7283 x 305.
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