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What Is A FHA 203k Repair And Rehabilitation Mortgage
Dated: November 26 2014
There are two types of 203k's, Streamline, for work that totals $35,000 and less and the full 203k for work that is more than $35,000 or the home needs structural alterations or reconstruction. Below is a short list of some of the different types of improvements that may be made using the 203k per HUD's 203k Program Office:
"The extent of the rehabilitation covered by Section 203(k) insurance may range from relatively minor (though exceeding $5000 in cost) to virtual reconstruction: a home that has been demolished or will be razed as part of rehabilitation is eligible, for example, provided that the existing foundation system remains in place. Section 203(k) insured loans can finance the rehabilitation of the residential portion of a property that also has non-residential uses; they can also cover the conversion of a property of any size to a one- to four- unit structure. The types of improvements that borrowers may make using Section 203(k) financing include:
- structural alterations and reconstruction
- modernization and improvements to the home's function
- elimination of health and safety hazards
- changes that improve appearance and eliminate obsolescence
- reconditioning or replacing plumbing; installing a well and/or septic system
- adding or replacing roofing, gutters, and downspouts
- adding or replacing floors and/or floor treatments
- major landscape work and site improvements
- enhancing accessibility for a disabled person
- making energy conservation improvements"
Danielle is broker/owner of Sharp Homes Realty. A Detroit native, she escaped the cold, gray winters of Michigan in 2007. Community involvement has been a high priority while building a customer centr....