Monday, December 11th 2017

Question

What is a renovation loan?

Interesting Question?   (4)   (7)



Answers (1)

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.

Like This Answer?   (0)   (0)
This answer is the subjective opinion of the writer and not of FinancialAdvisory.com



17th Nov 2009 In Finance 1 Answers | 434 Views
Subjects: renovation loan,

Answer This Question / Give Your Opinion
What is a renovation loan?


Answer: *

What country is this answer relevent to? *
Your Name: *

Enter Verification Number: *


Give Your Opinion
What are the different types of reward programs?
Share a simple answer to help inform others:
Specific to any country?
First name / Alias

• Your answer will be posted here:
What are the different types of reward programs?
Unanswered Questions in Finance
What is a commercial loan?
What is a direct loan?
What is a consumer loan?
What is the role of equity accounts in raising capital?
What is a debt collector?

Answered Questions in Finance
What is debt funding?
What is a Low-doc home loan?
Interest rate vs apr?
What is an unsecured loan?
What is a reverse mortgage?
Ask A Question
Get opinions on what you want to know:
Specific to any country?