FHA 203K Rehabilitation Loan Program
Finance repairs, improvements, and upgrades within
your mortgage or refinance with a 203K loan
 What is the FHA 203K Rehabilitation Loan?
The
Federal Housing Administration's (FHA) 203k
Rehabilitation Loan or "Streamline K" is an easy to use
mortgage program specifically designed for those who wish to
make improvements on a home they own, or would like to buy.
Rather than having to obtain a separate loan to finance the
cost of repairs (or walking away from a home you love
because you don't have the cash for home improvements), the
Streamline 203K rehabilitation loan allows you to finance
these costs -- up to $35,000 -- within your FHA mortgage or
refinance itself.
What Home Improvements Can I Make with a 203K Loan?
A Streamline 203k loan allows for a wide variety of home
improvements to be performed on a home. But it's intended
for simple repairs, light remodeling, and upgrades
(including money saving energy efficient upgrades), not for
major remodeling projects.
There is NO MINIMUM amount you must borrow. Therefore, your
203K rehabilitation loan can refinance as little as $1 and as
much as $35,000 worth of improvements. It's up to you.
Here are just a few of the improvements you can perform
with the Streamline K:
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Repair, replace, and upgrade roofs, gutters, downspouts
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HVAC systems (heating, vacuum, and AC)
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Plumbing and electrical systems
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Flooring, exterior decks, patios, and porches
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Minor remodeling that does not involve structural
repairs (ie. kitchen, bathroom or basement)
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Interior and exterior painting
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Weatherization, including doors, windows, insulation,
stripping, etc
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Appliance purchase & installation (ie. kitchen
appliances, washer, dryer)
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Energy efficient upgrades
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Lead-based paint removal & stabilization
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Exterior wall re-siding
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And more!
Are your intended projects on this list? An FHA 203K loan
may be just what you need!
Apply now.
How does a 203k Loan Work?
The beauty of the Streamline K is its simplicity.
When you take the loan
out, the money is put into an escrow account and the
contractors hired to do the repairs are
paid up to 50% of the cost up front. When they finish
the work -- like with any manner of construction -- they are
paid the balance.
Work financed through a 203k loan must be started within 1
month of closing, completed within 6 months, and may not
require architectural plans.
How Can I Apply for a 203K Purchase or Refinance Loan?
Whether you certain the 203K loan is right for you, or
you'd like to know if your intended improvements are eligible,
CREFCO's 203K loan experts can offer you fast, free
information, rates, and guidance.
Give us a call at 866-854-4242, or
fill out our simple
online application to get started!
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What Clients Say
"Do you fly around and be Superman?"
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What Can a 203K Loan NOT Do?
The "Streamline K" is intended for simple
repairs and home improvements. Therefore, the
following are not permitted:
- Structural damage repair
- Major remodeling
- Landscaping & yard work
- Work requiring architectural plans
- Moving of a load bearing wall
- Room additions or add-ons |
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