Delaware FHA 203k Loan Overview
John Thomas
June 26, 2010
Tags: Delaware FHA 203k Lenders, Delaware FHA 203k Loan, Delaware FHA 203k Streamline Loan
Delaware FHA 203k Loan Overview
The FHA 203k Renovation Loan in Delaware is a great way to purchase a new home in Delaware in need of repairs or renovate your current home. Think of it as a one-time-close construction loan but with more relaxed standards because it’s insured by FHA. Below are some of the highlights and some useful information providing a Delaware FHA 203k Loan Overview. If you would like to discuss your unique situation or to apply please give me a call today at 302-703-0727.
Advantages of FHA 203k Rehab Loan:
- Allows repair/renovation costs to be rolled into the loan
- Major items (such as foundation repair) ARE allowed
- Low down payment (3.5%) and the seller can still pay up to 6% of your closing costs
- Close before the repair/rehab begins
- Only one closing, money is disbursed on a draw basis after closing directly to the contractor
- Buyer can include optional upgrades (such as granite counters)
Examples of FHA 203k Loan Repairs/Renovations Allowed:
- Foundation Repair
- Replace Roof
- Paint Interior & Exterior
- Install New Flooring or Upgrade to Hardwood
- Remodel Kitchen/Bath
- Upgrade Central Heat/Air
- Repair Termite or Moisture Damage
- Energy Efficiency Improvements
- Replace or Install Siding
- Make Home Handicap Accessible
- Landscaping/Exterior Repairs
- New/Upgraded Appliances
- And More! Call or Email to Find Out if Your Specific Project Will Qualify
The FHA 203k Loan Process:
The process is quite simple if you are working with a Certified Mortgage Planner with a Delaware FHA 203k Lender.
