My New Blog

While few mortgage lenders offer it, FHA has an amazing mortgage program called the 203k.  It allows you to finance the repairs or improvements of the home you are buying or even the home you currently own.  It allows up to $35k in repairs to be financed into your loan and has a minimum of $5k.  Here is a short list of the repairs/improvements that are allowed:

• Roofs
• Gutters
• Repair and replacement of your HVAC systems, heating and cooling
• Plumbing and electrical systems
• Flooring
• Minor remodeling, ex kitchen
• Appliances
• Painting
• Windows
• Decks, patios, porches
• Siding
• Septic system

Items that are not:

• Pools
• Structural repairs or improvements
• Foundation

There is a long list of all the items you can have repaired or replaced thru the financing of the FHA 203k loan.  This program is only for a home that you will live in.  Keep in mind you can also use this program for repairs on your current home, as a refinance.  Another option for repairs or improvements on the home you are buying is called the Repair Escrow Holdback.  Please call or email me with any questions on this great program.