Purchase and Rehab with ONE loan and ONE closing

FHA HOME RENOVATION LOAN PROGRAM (203KS)
Also available for Refinancing of existing owner occupied Properties

Example of a 203K Streamline

Household improvement up to a maximum of $35,000. Home purchase with 3.5% Down (Can be gifted)

HUD has defined eligible renovation as:

OWNER OCCUPIED PROPERTIES ONLY

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

Additional Types of Home Renovation Products

203K

203KS

Fannie Mae Home Style

Links

HUD 203K

Fannie Mae HomeStyle