Bank Owned Homes for sale
See lender owned properties in Charleston Mount Pleasant Summerville and West Ashley areas
Monday, May 18, 2009
Eligible Renovation using the 203KS
FHA 203k / Home Renovation
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
No comments:
Post a Comment
Newer Post
Older Post
Home
Subscribe to:
Post Comments (Atom)
Movie & TV Show Preview Widget
Amazon.com Widgets
No comments:
Post a Comment