|
Purchase and Rehab with ONE loan and ONE closing
FHA HOME RENOVATION LOAN PROGRAM (203KS)
Also available for Refinancing of existing owner occupied Properties
Example of a 203K Streamline
Household improvement up to a maximum of $35,000. Home purchase with 3% Down
HUD has defined eligible renovation as:
OWNER OCCUPIED PROPERTIES ONLY
· Repair/Replacement roofs, gutters, and downspouts
· Repair/Replacement/Upgrade of existing HV AC systems
· Repair/Replacement/Upgrade of plumbing and electrical systems
· Repair/Replacement of existing flooring
· Minor remodeling such as kitchens, which does not involve structural repairs
· Exterior and interior painting
· Weatherization: including storm windows and doors, insulation, weather stripping, etc.
· Appliances - Purchase and installation are included. Appliances may include free-standing ranges, refrigerators, washers/dryers, dishwashers, and microwaves
· Lead-based paint stabilization or abatement of lead-based paint hazards
· 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
· Improvements for accessibility for persons with disabilities
· For lead-based paint stabilization costs above and beyond that paid for by HUD when it sells real estate owned (REO)
HUD has defined Ineligible Renovation as:
· 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 or 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
Additional Types of Home Renovation Products
203K
203KS
Fannie Mae Home Style
| 
