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 Cambria Mortgage 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:

• FHA standard guidelines
• Standard 3.50% FHA minimum down payment
• Flexible credit qualifying - Credit score as low as 640
• Purchase or Refinance and Improve all in one loan
• Up to $35,000 in repairs

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

Cambria Mortgage 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.

Our FHA 203K Streamline program allows the homebuyer to put up to $35,000 of rehab work into the new loan. The loan closes one time. It is a permanent form of financing.

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.

What it can't cover is landscaping, structural damage, foundation work, room additions, load bearing wall changes, etc.

There is no HUD consultant or general contractor required on the 203k streamline. However, we do suggest using just one general contractor with a strong track record to ensure that your work is done & done right.

Please give us a call at (651) 552-3681 to find out if this loan is right for your next purchase,  your listing, or right for your next buyer that is looking at short-sale, bank-owned, REO, or foreclosed properties that are in need of TLC & repair.

203K Eligible Borrowers:

• Owner Occupants
•  Purchase or Refinance
• Non- Profits
• Investors NOT allowed

Types of 203K Loans:

• 30 or 15 year fixed rates
• One year ARMS
• Assumable to a qualified buyer, with no money down

Eligible 203k Properties:

• Single family dwellings
• Condominium
• Townhouse

Allowed 203k Streamline Repairs:

• Repair/replace roofs, gutters, and downspouts
• Repair/replace/upgrade existing HVAC systems
• Repair/replace/upgrade plumbing and electrical systems
• Repair/replace/upgrade flooring and carpets
• Minor remodeling, such as kitchens and bath (which does NOT involve structural repairs)
• Painting - Both interior and exterior
• Weatherization, including storm windows and doors, insulation, weather stripping
• Accessibility improvements for persons with disabilities
• Lead based paint abatement
• Basement finishing and remodeling (which does not involve structural repairs)
• Well and Septic system replacement / upgrade
• Repair Mold / mold remediation

203k streamline Repairs NOT Allowed

• Major rehabilitation or major remodeling - such as tear down or relocation of walls
• New construction - like room additions
• Repair of structural damage
• Any repairs requiring drawings or architectural exhibits
• Landscaping or irrigation systems
• Any repair that would take longer than 6 months
• Luxury items like hot tubs, swimming pools, patios, and decks
• Driveway repairs

The 203k Streamline Appraisal

FHA 203(k) loans are more complicated, yet there is nothing to fear. Here are a few suggestions to get you started:

• First get pre-approved for an FHA 203k loan
• Start looking at homes.
• If you find one in need of repair, obtain bids for the required repair work
• Ask your Realtor "Will the house appraise for the purchase price plus repair cost when repairs are completed?"

If YES... The FHA 203k loan is right for you!