FHA 203k Streamline

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FHA 203k Streamline

The 203(k) loan program offers borrowers the resources to rehabilitate a home that may be in need of repair. One single
loan up to $410,000 is used to pay for the purchase of their primary residence and the cost of renovating the home. The cost of repairs must be at least $5,000, and cannot exceed $35,000.

Eligible properties:

•    Primary Residence.
•    Single family dwellings.
•    Condominium.
•    Townhouse.
•    1-4 Unit Buildings.

Allowable repairs include:

•    Repair/replacement of decks, patios and porches.
•    Elimination of health/safety hazards.
•    Plumbing, heating air conditioning, and electrical upgrades.
•    Roofing, gutters and downspouts.
•    Flooring, tiling and carpeting.
•    Energy conservation improvements, including windows and doors.
•    Exterior and interior painting.
•    Access for the disabled.

Repairs must be made by a licensed contractor.

Whether you are buying, selling, or refinancing, it is important to have an experienced mortgage professional to help you analyze your financing options, and make sure the closing goes smoothly. As a loan officer with Wintrust Mortgage Corporation, I have the expertise and experience to get you the right mortgage, and to handle your transaction professionally. With my experience, and our rates and programs, you are sure to get the mortgage that is right for you.

Please remember to get me involved early on in your home-buying process. Starting the Process not only gives you a better idea of what you can qualify for, it also gives you a stronger negotiation position when you find the home of your dreams.