Today is Aug 20, 2017
Company Logo
FHA 203k Renovation Loan

FHA 203k renovation loan is available for 30 year and 15 year fixed rates. This program can be used to renovate your kitchen, baths, add an addition, replace siding, roof, windows, doors, and much, much more!

Instead of having a 1st mortgage and 2nd mortgage, you only have one mortgage. Loan is also available for Purchasing a home that may need a little TLC. There are two types of 203k loans, one for small projects of $5,000 and one for bigger projects above $35,000. Ask for more details at 630-854-3459

As SIMPLE As 1, 2, 3!!

 

After You Identify Your Future Home

 

1. Notice What Needs To Be Repaired

 

2. Get Estimates From Contractors

 

3. Put in a contract with your Realtor

 

 

That’s it! We Take Care Of The Rest!!  We simply add the total cost of repair to the price of the home and finance everything for you!!

 

————————–——————-———————————————

 

Minimum 3.5% Down!! Seller Contributions & Gifts from Family members are Acceptable!!

 

 

FHA 203k Loans helps homebuyers to purchase an existing house and include the cost of its rehabilitation through a single mortgage. The minimum rehabilitation amount must be at least $5,000, with the total value of the property falling within the FHA mortgage limit for the area (call for limits).

 

 

There are 2 types of 203k loans. Please call to review your 203K options in detail.

 

FHA 203k Rehab Loan

 

Types of 203K Loans; Streamline and Full 203k:

 

30 or 15 year fixed rates

 

Assumable to a qualified buyer, with no money down

 

 

Eligible Properties:

 

Single family dwellings

 

Condominium

 

Townhouse

 

1-4 Unit buildings- you can increase or decrease the number of units with this loan.

FHA Streamline 203k

 

The Streamline 203k loan is used to purchase or refinance a home that needs minor / nonstructural rehabilitation where total cost of improvements does not exceed $35,000.  Some types of renovations include:

 

 

*Repair/Replace roofs, gutters & down spouts                           

*Repair/Replace flooring, exterior decks, patios & porches

*Lead based paint removal & stabilization, minor mod remediation

*Repair/replace/upgrade HVAC, plumbing and electrical systems

 

*Remodeling of Kitchens & Baths

 

*Replace/repair septic and well

* Energy efficient upgrades

 

 

 

FHA 203k Standard

 

Structural Alteration and Reconstruction:

 

Changes for improved functions and modernization

 

Elimination of health/safety hazards

 

Changes for aesthetic appeal

 

Plumbing, heating air conditioning and electrical upgrades

 

Well and/or septic repairs

 

Roofing, gutters and downspouts

 

Flooring, tiling and carpeting

 

Energy conservation improvements

 

Major landscape work and site improvement

 

Access for the disabled

 

Plus Many More!

 

 

Call Us Today For Details!

 

Patty Harrison

 

203k Specialist/Consultant

 

630-854-3459

 

patty@smartmtgs.net

 

www.smartmortgageinc.com

 

 

Contact Info
Contact
by Email
Patty Harrison
patty@smartmtgs.net
Smart Mortgage
Ph: 630-854-3459
Cell: 630-854-3459
Fax: 630-904-9805