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What is a renovation loan?

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19th Nov 2009 by Burt Carlson

The renovation loan is typically referring to the FHA 203k loan. The 203k loan offers two options. First, for improvements over $35,000 there is a wide range of repairs that can be made to the subject property. Second is the Streamline 203kwhich is the more typical option. The Streamline Limited Repair Program is for those home buyers seeking to purchase a home and make certain repairs to the property. Those repairs are generally defined as limited upgrades and repairs. The maximum amount for repairs under the Streamline program is $35,000. Below is a partial list of eligible improvements under the program;
• Roofs, gutters and downspouts.
• Existing HVAC system.
• Plumbing and electrical.
• Flooring.
• Minor remodeling NOT involving structural repairs.
• Painting (exterior and interior).
• Purchase and installation of appliances.
• Accessibility improvements for persons with disabilities.
• Exterior decks, patios and porches.
• Window and door replacement.

Properties eligible for the program include single family residences including HUD REO properties, manufactured homes (must meet FHA guidelines) and Condo’s with some limitations.

While rates for this program are standard FHA rates there are some additional costs associated with the program. Also, it is highly recommended that a borrower allow up to 60 days for the process to be completed from application to funding.

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17th Nov 2009 In Finance 1 Answers | 477 Views

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