FHA 203(k) Rehab Loans

REHAB LOANS with FHA Financing

Purchase a home and finance repairs, renovations, and energy efficient improvements all into one FHA home loan.

You have probably come across homes that need repairs, new roofs, paint, carpet, appliances and much, much more. It was just too much work for you to take on as you have a limited amount of cash and can’t afford to purchase the home and then pay the costs of remodeling.

The FHA Streamline (k), FHA 203(k) and Energy Efficient Mortgage are the loan programs designed to help finance repairs and improvements into your new FHA purchase loan. Buy the home at the current value, close escrow and then remodel the home before you move in. One loan does it all with no need for additional construction financing.

Below are a few highlights of each of these loan programs and the benefits they provide.

**Streamline(k)* Loan Program:**

Can be used for non-structural basic repairs under $35,000. Below is a partial list of eligible repair items:

Roofs, gutters and downspouts
Painting, interior and exterior
Minor remodeling, such as kitchens, which does not involve structural repairs, including appliances
Repair/replace/add exterior decks, patios, porches
Window and door replacements
Weatherization: including storm windows and doors, insulation, weather stripping, etc.
Existing Heating and Air Conditioning systems
Flooring including carpet, tile, hardwood or other acceptable materials

**203(k)* Loan Program:**

Can be used for homes that need substantial structural repairs and/or renovations. Typical repair/renovation items include:

Roof Replacements
Kitchen Remodel including cabinets and appliances
Bathroom Remodel including new fixtures
Room Additions
Foundation and Driveway Repairs
Plumbing
Electrical Systems
Heating and Air Conditioning Systems
Insulation in Walls and Ceilings
Cannot be used for pools, spas or home entertainment centers

**Energy Efficient Mortgage (EEM)* Loan Program:**

Add up to 100% of the energy savings improvement costs into your FHA home loan. (The value of energy saved must be greater than the cost of improvements, according to FHA guidelines. The cost may be added to the mortgage amount per FHA’s maximum calculations.) Typical energy improvement upgrades/repairs items include:

Upgrade Existing Windows to Energy Efficient
Upgrade Existing Heating and Air Systems
Upgrade Insulation in Walls and Ceilings
Plus many more energy efficient improvements

*Restrictions apply. Ask Doug Bullwinkel for more information, Program guidelines and terms may change without notice.