| Another challenge with the existing home inventory | | | | contractor, was recently featured on NBC News4 |
| on the market is the condition of the property. | | | | New York regarding 203k loans, along with |
| Whether it is REOs, foreclosures, short sales, or not, | | | | Continental Home Loans. |
| less people are presenting homes for sale in pristine | | | | Streamlined 203k LoansYou are purchasing a |
| condition. | | | | home that needs minor repairs (repairs under |
| The FHA 203k loan can help. The 203k can give the | | | | $35,000 qualify for a streamlined loan). Incorporating |
| buyer the ability to have one loan to purchase and | | | | the rehab into your mortgage payment allows you to |
| renovate their home at the same time. | | | | have just one payment. Some highlights include: |
| Similar to a traditional mortgage with a construction | | | | - No work write-up, no inspection required if repairs |
| loan added on top, the 203k can be used for the | | | | are less than $15,000 and no HUD consultant required. |
| following: | | | | - Loan amounts up to 110% of the home's appraised |
| - Remodeling bathrooms and kitchens (even built-in | | | | value; renovation amounts up to $35,000. |
| appliances) | | | | - There is no longer a minimum of $5,000 in repairs |
| - Replacing a roof, gutters and downspouts | | | | for a 203K Streamline. |
| - Adding a second story, afamily room,another bath, | | | | - On a 203K Streamline, up to 50% of the rehab |
| etc. | | | | amount can be requested immediately following the |
| - Completing a basement or attic | | | | closing. After closing the work can start. |
| - Upgrading plumbing, heating, air conditioning or | | | | - For a 203K Streamline, there is a maximum of 2 |
| electrical service | | | | draws per contractor. |
| - Installing new siding, energy efficient windows and | | | | - Loan can be used for many improvements, including |
| doors | | | | repair/replacement of: roofs, plumbing, electrical, |
| - AND MUCH MORE! | | | | flooring, minor remodeling, windows, doors, etc. |
| It is important to hire a general contractor that is | | | | - Available for mortgage refinance transactions |
| familiar with the 203k process and requirements. | | | | including those where the property is owned free |
| Advanced Restoration Corporation, a 203k | | | | and clear. |