"Qualify Now: FHA 203k Rehab Loan Today!"

If you are looking to purchase a primary residence that needs minor home improvements then the
FHA 203k Streamline Rehab Loan may be the type of loan you are looking for....

• Minimum 600 Middle Credit Score {580 Credit Score Exception}
• Maximum Debt to Income Ratio 29% housing/45% total debt
• Full Income/Asset Disclosure Required
• No more than two 30 day lates payments on Mortgage in last 12 months
• No un-seasoned MLS listings on Refinances
• No Chap. 7 Bankruptcies < 2 Years
• Cannot have Layering of Risk Factors
• Scores below 600 allowed on Appraisal Repairs Only
• Full Appraisal with Repair List Required
• Max 97% LTV, w/Minimum 3% Down Payment Required
• MAXIMUM for repair or rehabilitation is $35,000.
• NO MINIMUM: No minimum repair cost threshold.
• PURCHASE and REFINANCES ALLOWED: Program can be used for both
  purchase and for credit-qualifying no cash out" refinance transactions with appraisal.
• HUD Real Estate Owned Properties (REO's) ALLOWED: Program can be used on HUD REO properties
• LEAD BASE PAINT: The Streamlined (k) can be used to pay for lead-based paint stabilization costs above and beyond that paid for by HUD when it sells real estate owned (REO).
• Up to 50% of the estimated cost of any work item can be advanced prior to beginning construction.
• No more than two payments may be made to each contractor. The first payment is intended to defray material costs and shall not be more than 50% of the estimated costs of all repairs/improvements.
• Expenses that may be included in the total amount of the improvements, not exceeding the $35,000 limit, are inspection fees, building and other permits, the supplemental origination fee, title update costs and theamount of any contingency reserve required by the mortgagee.

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Eligible Improvements

• 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, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
• 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 structuralrepairs Basement waterproofing
• Window and door replacements and exterior wall re-siding
• Septic system and/or well repair or replacement

• Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall;
• New construction (including room additions);
• Repair of structural damage;
• Repairs requiring detailed drawings or architectural exhibits;
• Landscaping or similar site amenity improvements;
• Any repair or improvement requiring a work schedule longer than six (6) months; or Rehabilitation activities that require more than two (2) payments per specialized contractor.
• Must use a contractor(s), borrower cannot act as their own contractor
• Supplemental Origination per worksheet is allowed
• No Manufactured Housing is allowed!
• All repair disbursements other than initial disbursement to a specific contractor will require a Final Inspection by FHA appraiser.
• Must use a contractor(s), borrower cannot act as their own contractor.
• Supplemental Origination per worksheet is allowed
• No Manufactured Housing is allowed
• All repair disbursements other than initial disbursement to a specific contractor will require a Final Inspection by FHA appraiser.