Monday, February 10, 2014 - Article by: Michael Zuren - American Midwest Mortgage -
Does the home of your dreams need some TLC?
The Answer May Be:
FHA's Streamline 203(ks) Mortgage
3.50% down payment required (Gift Funds Allowable)
If you are buying a one to four family home that needs repairs or improvements the FHA 203Ks loan may be right for you. It allows up to $35,000 of repairs or improvements to be added to the mortgage. The house is appraised as if the repairs/improvements have been completed. Once the mortgage closes, typically 3 to 6 months is allotted for the work to be completed. The FHA 203Ks loan is for owner occupied homes only.
Eligible Renovations Include:
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
Window and door replacements and exterior wall re-siding
Septic system and/or well repair or replacement
Improvements for accessibility for persons with disabilities
If you have questions?
Michael Zuren, PhD.
Schmidt Mortgage 35104 Euclid Avenue #200 Willoughby, Ohio 44094 440-953-0447 #15 (office) 216-990-2148 (cell) 440-374-7151 (e-fax)
NMLS# 249573 LO # 009157.001 MB # 802765.007
EQUAL OPPORTUNITY LENDER. LOANS ARE AVAILABLE ON A FAIR AND EQUAL BASIS REGARDLESS OR RACE, COLOR, ANCESTRY, NATIONAL ORIGIN, RELIGION, SEX OR PHYSICAL HANDICAP.
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