FHA Streamline 203k Limited Repair Program

By
Real Estate Mortgage Broker with Mortgage Loan Officer Waukesha Wisconsin NMLS ID 587280

The FHA 203k loan allows you to get the money for the home improvements all in one loan as a purchase or a refinance.  FHA 203k loans are unique and have many misunderstandings about them.  I will be explaining the basics of the FHA streamline 203k limited repair program

To qualify for the loan itself it follows the same parameters to qualify for a regular FHA Loan with a credit score of 620 and at least a 3.5% down payment.  The repairs must be non-structural thus no foundation or a relocation of a load-bearing wall.  Repairs included in the loan can include the repair, replacement, and/or upgrade of almost anything such as

  • Flooring
  • Electrical
  • Painting
  • Cabinets
  • Decks
  • Windows
  • etc...

We do require 2 bids for all work over $5,000.  Any items the appraiser requires to be done must be done as a part of the rehabilitation to make the property FHA eligible.  The maximum allowed is $35,000.

Careful planning upfront will make for a smooth transaction.  The information provided is certainly not all inclusive and was just meant to explain the basics of the repair program.  For more detail or specific questions please contact me at mark.nehs@pncmortgage.com

Posted by

http://facebooklogin.ws/2009/12/facebook-login/  http://facebooklogin.ws/2009/12/facebook-login/  http://facebooklogin.ws/2009/12/facebook-login/  Mark Nehs, Wisconsin on Zillow

Mark Nehs, Wisconsin Mortgage Loan Officer                                         
Waukesha, Oconomowoc, Pewaukee, Brookfield, Lake Country, Menomonee Falls, Sussex, Hartford
West Allis, Wauwatosa, New Berlin, Muskego, Delafield, Hartland, Dousman, Watertown

Contact info PNC Mortgage Waukesha Wisconsin

Shopping for the lowest mortgage rate is easy. Finding a seasoned professional that can deliver those rates to you is where I come in.  Call me, Mark Nehs, today at 262-613-2730.  Your Waukesha Wisconsin Mortgage Lender.

 

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Topic:
Home Improvement
Location:
Wisconsin
Groups:
All About Mortgages/Mortgage Networking
Mortgages
Wisconsin Active Rainers
Tags:
fha
203k
rehab loan

Comments 4 New Comment

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Rainer
8,828
Stephanie Hosala
Century 21 Indian River Realty, II, Inc.

Thanks for posting. Another way to get a deal done in this tough market. Although, you'd be surprised how many agents or L/O's cringe when FHA 203K is mentioned.... lazy? haha

April 23, 2011 12:59 PM
Rainer
7,878
Dennis Olson
West USA Homes

Mark,

Thanks for providing the info. While I knew most of the information, I did learn that the upper limit is $35,000

April 23, 2011 01:00 PM
Rainmaker
1,364,652
Tom Braatz
Waukesha County Realtor Real Estate agent,Waukesha
Re/Max Realty Center 262-377-1459

Mark

This is a really good program for a buyer to take advantage of

April 30, 2011 03:11 PM
Anonymous #4
Anonymous
Kevin the 203k loan guy

Good to see Washington is promoting the 203k loan.  Realtors in SoCal don't like or understand this loan which makes it more difficult to convince buyers that this is a unique loan that can be a win-win for all involved.

May 05, 2011 01:14 AM
Anonymous
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Mark Nehs

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Additional Information

Learn all about Mortgage lending from a 20 year veteran of the mortgage business in Wisconsin. FHA, VA, Rural development, conventional, 80/10, and more. All types of mortgage loans for Wisconsin consumers looking to purchase or refinance.
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