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FHA's Streamlined 203(k) Program

FHA’s Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in.  With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

This is a great program if you are trying to buy a home that doesn’t pass a conventional or FHA inspection.  Most other loans would require that the home be fixed before closing but the 2o3k loan allows you to roll in the repair costs into the loan and close prior to renovation.
Who’s Eligible?

If you qualify for a standard FHA loan then you’ll more than likely qualify for the streamline 203k program as well. Some investors have slightly higher credit criteria to qualify.
203k Guidelines:

  • You must have a valid Social Security Number, be a legal resident of the United States and be of legal age to obtain a mortgage in your state.
  • The lender verifies whether you can qualify for the mortgage by checking income, assets, debt load and credit history.
  • Typically, the only income limitation is to have enough income to afford the mortgage in addition to other debt payments.  Utilities are not included in this calculation.
  • Although there is not a minimum credit score required to qualify for FHA, your score is still examined to help determine the interest rate.  Most investors require a 640 or higher credit score to qualify.

Why to Choose VIP to help?

Well in order to do a 203k, the repairs have to be completed by a licensed/bonded contractor. Typically half the cost of the project is paid to the contractors at closing and the remaining amount is paid upon completion, after closing.

That scares a lot of companies. Not us!

We’re fully licensed and bonded and provide our credentials upon the first meeting. We are more than willing to fund the 203k as only half is required up front. A lot of companies don’t have the money in the bank to fund the other half until the work is completed.
We do.

We also give $500 off for 203k remodels so you can save money with VIP and can be assured with our experience with this program you’re in the right hands.

  • On top of all of that, VIP has a great relationship with a lender who can help with the financing side of things. Bailey and Wood Financial Group is the absolute best to deal with as they can help you through the whole process of getting the funding ready. Visit http://www.bawfg.com/ for more information.

 

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540 N. Madison Avenue, Greenwood, IN  46142   |   O: (317) 883-4847   |   F: (317) 488-2531   |   info@vip-homesolutions.com

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