FHA's 203(k) Mortgage

FHA HOME RENOVATION LOAN PROGRAM

If you've found a great property in Ohio and have said, "Wow, if only" or, "It's great but" Now may be a good time to snatch up a deal on a home in Ohio that may need some finishing touches or updates. If you'd like to speak to a loan expert in the Cleveland area, Contact us for more information or questions asked. With so many foreclosures and bank owned homes on the market and lack of funds from homeowners trying to sell, this is one of the best loans out here right now. You can find a great deal and finance the costs to repair it the way YOU want to. You can't go wrong.

3% down for Acquisition (Gift Funds Allowable)

Household Improvements up to a Maximum of $35,000.00

Program Highlights:

FHA HOME RENOVATION LOAN PROGRAM

Household improvement up to a maximum of $35,000.
For your current home or your home purchase.

HUD has defined eligible renovation as:
· Repair/Replacement roofs, gutters, and downspouts
· Repair/Replacement/Upgrade of existing HV AC systems
· Repair/Replacement/Upgrade of plumbing and electrical systems
· Repair/Replacement of existing flooring
· Minor remodeling such as kitchens, which does not involve structural repairs
· Exterior and interior painting
· Weatherization: including storm windows and doors, insulation, weather stripping, etc.
· Appliances – Purchase and installation are included. Appliances may include free-standing ranges, refrigerators, washers/dryers, dishwashers, and microwaves
· 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 structural repairs
· Basement waterproofing
· Window and door replacements and exterior wall re-siding
· Septic system and/or well repair or replacement
· Improvements for accessibility for persons with disabilities
· For lead-based paint stabilization costs above and beyond that paid for by HUD when it sells real estate owned (REO)

HUD has defined Ineligible Renovation as:
· 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
· Rehabilitation activities that require more than two (2) payments per specialized contractor