Buyers in the market for a home in need of rehabilitation have the opportunity to finance the repairs and the purchase based upon the properties projected value after the improvements. MortgageDepot offers the FHA 203k Streamline loan. Our mortgage loan originators guide borrowers through each step of the process from application through closing to make their dream of owning a home a reality.
Buying a home in need of repairs
An FHA 203k Streamline loan offers financing on properties in need of a limited amount of work to increase their value for appraisal purposes. The following are some of the highlights of the program:
- Finance as much as 110 percent of the property’s post-improvement value
- $35,000 maximum cost of improvements
- Available for home purchases
- Eligible properties may contain up to four units
There is no minimum value for needed repairs. Examples of typical renovations include:
- Fix or replace leaders and gutters
- Basement waterproofing
- Remediation of lead-based paint
Realistic time limits to complete work
Although the appraised value of the property is based on the projected value after completion of the work, the actual start of the repairs need not begin until after closing. Borrowers using an FHA 203k Streamline loan to finance their purchase must begin work within 30 days after closing and complete it within six months.
MortgageDepot has the answers
The mortgage loan originators at MortgageDepot work with lenders offering the best rates and terms on FHA 203k Streamline loans. Call us today at (800) 220-LOAN to learn more about how we can help.