FHA Rehab Loan
When the FHA 203 K loan is paired with a Down payment Assistance Program, Four Star Mortgage can help you acquire the property with no out-of-pocket cost to you. For more information about Four Star Mortgage FHA 203K Rehabilitation Loan, call Dave Poynter or Deb Tolpa today toll free (888) 633-9272
Some common FHA 203K Rehabilitation Loan questions are listed below.
Q: How do I know if I qualify for the FHA 203K program?
A: Contact a Four Star Mortgage FHA 203K specialist today to learn more.
Q: Is the Streamline 203K just for purchase transactions?
A: No. The streamline 203K may be used for a purchase or refinance of an existing loan. It may also be used to purchase a HUD Real Estate Owned property.
Q: How can I use the loan proceeds?
A: Repair/Replacement/upgrade of existing HVAC systems; plumbing and electrical systems; flooring; minor remodeling such as kitchens; exterior and interior painting; weatherization including windows, doors, insulation; appliances not to exceed $2,000; non-structural improvements for accessibility for persons with disabilities and discretionary repair items that may not have been included in the appraisal, such as the repair of exterior decks, basement waterproofing etc.
Q: Who is responsible for the repairs?
A: The home buyer or homeowner pays the contractor for the repairs from the loan proceeds.
Q: Do I have to hire a general contractor?
A: No, a general contractor is not required since the repairs will be minor. You can either hire a contractor or complete the work yourself as long as you can demonstrate to the lender your ability to perform the required repairs in a timely manner.
Q: What repairs are NOT allowable?
A: Repairs that are considered to be major rehabilitation or requiring structural modification.
Q: What if the property requires major repairs?
A: You may use the regular FHA 203K program in this instance.
Q: How can I get started?
A: For more information about the Four Star Mortgage FHA 203K Rehabilitation Loan, call Dave Poynter or Deb Tolpa today toll free (888) 633-9272, or click here to access our InstaApproval system.
Experience the dedicated and knowledgeable staff of Four Star Mortgage. At Four Star Mortgage, we focus on customer service and getting you to the closing table stress free and on time. With over 85 years of industry experience, Four Star offers flexible lending solutions that can be customized to fit your needs. Call Dave Poynter or Deb Tolpa toll free (888) 633-9272 today.For a FREE consultation and complimentary credit report, Call Dave Poynter or Deb Tolpa toll free (888) 633-9272 now.
