The FHA 203k STREAMLINE REHAB LOAN
Found a home in Minneapolis, St Paul, or anywhere in Minnesota, Wisconsin, or South Dakota that needs a little tender loving care to turn into your perfect home?
The FHA 203k Streamline Loan from Mortgages Unlimited allows you to buy the home, and get the money to make repairs all in one simple mortgage loan.
An important tool for community and neighborhood revitalization, the FHA 203(k) loan offers flexible qualifying and low down payments:
There is no doubt that the current real estate market offers a lot of great bargains on short-sale, bank owned, and foreclosed homes. However, many of these homes are in need of upgrades and repairs. Missing appliances, ruined carpet & flooring, old roof, missing cabinets, and plumbing issues. Most lenders don't offer loan programs that will be able to help folks buy homes in this condition.
This is where a great program called the FHA 203K Rehab loan comes in. Buy it and fix it all in one loan!
We offer the 203k loan in MN, WI, and SD
Mortgages Unlimited offers both full and streamline FHA 203K
loans to make the process of buying a home that
needs a little TLC (or quite a bit in some cases!) easier,
more affordable, and quicker. Many of us have seen
firsthand, or have heard stories about foreclosed home that
have been torn up, stripped, vandalized, etc. With
conventional financing, these homes are very difficult to
sell or buy, as they are not in move in condition, and most
lenders will not lend on a damaged home.
The Streamline program should not be confused with the more complicated FHA 203K rehab loan, which can accommodate major remodels, major damage repair, storm damage, etc. The FHA 203K Streamline rehab loan is just that - Streamlined, and should work for most people on most homes.
This loan can help with new paint (in/out), new siding, new
roof, new flooring, new appliances, HVAC repair/replacement,
electrical & plumbing repair & upgrades, new windows, decks,
porches, patios, minor kitchen remodels, & more.
Types of 203K Loans:
Eligible 203k Properties:
Allowed 203k Streamline Repairs:
203k streamline Repairs NOT Allowed
The 203k Streamline Appraisal
The appraiser will be given a copy of your repair bids along with the purchase agreement. The appraiser must say that the after improved value of the home will equal at least the combination of the repair and purchase price. For example, if the purchase price is $100,000, and your repairs are $25,000. The appraiser must say the house will be worth at least $125,000 when the repairs are done.
FHA 203(k) loans are more complicated, yet there is nothing to fear. Here are a few suggestions to get you started:
If YES... The FHA 203k loan is right for you!