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THE HOME IMPROVEMENTS OR REPAIRS DON’T ALWAYS NEED TO BE COMPLETED BEFORE YOU MOVE INTO YOUR HOME, BUT CAN PROVIDE FINANCIAL ASSISTANCE IF YOU CANNOT LIVE IN THE HOME WHILE RENOVATIONS ARE UNDERWAY.


Depending on how extensive the repairs are and whether the house is habitable while the repairs are being made. The home improvement loan provides the ability to include up to 6 months of mortgage

 

YOU CAN SELECT YOUR CONTRACTOR TO DO THE WORK!


 You decide on your own contractor. It is very important that your contractor be brought in ASAP in the Rehabilitation loan process.  As part of our services we can assist in your contractor selection and provide the forms and guide your contractor through the paperwork that the contractor must provide for your Loan.

 

WHAT IS A 203K OR FANNIE MAE HOMESTYLE REHAB LOAN?
HOW CAN I USE IT FOR THE PROPERTY THAT  I WANT TO PURCHASE OR REFINANCE ?


The FHA and Fannie Mae have loan programs providing low interest financing that is referred to as the FHA 203K and the Fannie Mae HomeStyle Rehabilitation Loan Programs.  These programs allow buyers to purchase and existing home or refinance their current home with a very low down payment  that  will include the costs to pay for renovations.

JUST SOME OF THE IMPROVEMENTS THAT ARE ELIGIBLE WITH 203(K) REHAB LOANS


  • LOANS Repair/Replacement of roofs, gutters and downspouts

  • Repair/Replacement/upgrade of existing HVAC systems
  • Repair/Replacement/upgrade of plumbing and electrical systems
  • Repair/Replacement of flooring
  • Minor remodeling, such as kitchens, which does not involve structural repairs
  • Painting, both exterior and interior
  • Weatherization, including storm windows and doors, insulation, weather stripping, etc.
  • Purchase and installation of appliances
  • Accessibility improvements for persons with disabilities
  • 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
  • Most renovations and upgrades (excluding some luxury items, such as Pools, Hot Tubs, Spas, etc.)