An FHA 203(k) loan allows a person to purchase or refinance a property and finance the cost of renovation with one closing. You can even finance up to 6 months mortgage payments into the loan! The minimun eligible improvements on the property is $5,000.
The mortgage must include one or more of the following;
structural repairs and alternations, improvement in the functionality or modernization, changes for aesthetic appeal, and the elimination of obsolescence, repair or replacement of plumbing, heat, air conditioning or electrical, installation of well and/or septic system, replacement of flooring or carpeting or tile, energy conservation improvement, major landscape work and site improvement, or improvements for easier accessibility to the handicapped.
These items can be included in the plan after the minimum $5,000;
new stoves, refrigerators and other free-standing appliances, painting or other cosmetic repairs, repair of a swimming pool up to $1500.
Any item that will not become a permanent part of the property are not eligible. Luxury items are not eligible. These items include, but are not limited to;
new swimming pools, exterior hot tubs, saunas, spas, tennis courts, and barbecue pits.
There are property eligibilities as well. Please contact Chris Kusch with Premier Mortgage Link for further information at 763-862-3990 or 763-300-9510.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment