We offer FHA 203K, and FHA 203K Streamline Loans for both purchasing and refinancing a home. These loans allow for upgrades and repairs to the home to be financed. The home appraisal will be done "subject to," the estimate for repair by a licensed general contractor. For this reason, the home's value is based on what the home will be worth after completion. For purchasing, this program can assist with issues surrounding inspection, that would otherwise make the home not able to be financed. Is is also a great refinance loan for homeowners that want to re-model, or possibly need a new roof, new air-conditioning, etc.
FHA Standard 203k – The FHA 203k program is a renovation loan program that allows borrowers to finance a home as well as needed renovations into a single mortgage. The Standard 203k is for complex renovations that involve structural work, or construction that prevents you from occupying the home.
FHA Streamline 203k – The Streamline 203k program works the same as the Standard 203k, however it is designed for smaller improvements that will not exceed $35,000.