FHA 203K Clearwater

Mortgage and Lending with www.FLBestRate.com NMLS # 243087

FHA 203(k) Program


Our FHA 203(k) Renovation Program (FULL and STREAMLINE) allows for a qualified owner-occupied buyer to purchase or refinance a 1-4 family home in “As-Is” condition.  The program lends purchase money and repair money in one mortgage, allowing a buyer to close “As-Is”.  The repairs are then completed after closing. 


·         As Bank Owned Properties, Short Sales Properties and Distressed Properties are over 80% of the market, the program is the fastest growing mortgage product in the country! Many sellers do not have funds to repair or maintain the homes they are selling (Roof, HVAC, Plumbing, Electrical, Flooring, Appliances, Painting, Landscaping and much More!).


·         Any owner-occupied buyer is eligible provided they have a 640 credit score, no late payments or collections in the last 24 months and meet normal FHA guidelines. There are no income restrictions or special qualifications needed.


·         The program can be used for “Needed Repairs” or “Cosmetic Repairs” and can even be used for room additions, bathrooms or even adding a garage! Appraisal will be based on the “After-Improved Value”.


·         We have 20 YEARS Experience in 203k Lending and the Top Originator of 203k’s in the State of Florida. We do “FULL” 203k’s which have NO LIMIT TO THE REPAIRS OR IMPROVEMENTS!


·         The property closes AS-IS and all repair funds are placed into an escrow account at closing with the lender.


·         All repairs are completed by licensed and insured contractors and the funds are released as the work is completed and inspected.  (1-5 draws payable to the owner and contractor)


·         Buyers with major renovations can include 1-6 payments into their loan so they don’t have to make payments and rent at the same time.


Key Steps for homebuyers


·         Write a standard contract  with the following items: “Buyer is using and FHA 203k Renovation Loan”, 45 day closing, Loan amount “To Be Determined”, maximum seller paid closing is 6% of the sales price, Inspection period is 15 days.

·         Contact me for a HUD Approved 203k Consultant in your area and have a list of all the desired repairs. They will inspect the property and tell you what repairs will be required and estimate the repairs for you (203k Feasibility Inspection).

·         Line up a licensed and insured General Contractor to provide an estimate for the repairs. If you don’t have one, we can help you find a 203k Approved Contractor.

·         Loan application and appraisal are ordered after these estimates and 203k Report is completed.




Call me today if you are interested in buying a home and borrowing extra money to fix it up!


Melvin List

NMLS #243087

Cell: 813-629-5478

Apply Today!



Comments (1)

steve wiegner

203k consultant here Steve Wiegner 813 625 2421 sw1919@aol.com let me know I cover a 10 county area

May 21, 2015 12:00 PM