(302) 703-0727

(302) 703-0727

What is a Delaware FHA 203k Streamline Loan?

John Thomas March 14, 2010 Tags:

What is a Delaware FHA 203k Streamline Loan?

FHA 203(k) loans provide cost-effective, single close loans that enable borrowers to purchase a home that may need repairs or refinance their existing home for the purpose of remodeling.

With the Delaware FHA 203k streamline loan you can borrow up to $35,000 into the mortgage to make improvements or repairs.  The program includes the necessary funds for the renovation by financing the “as-completed” value of the home, rather than the present value.

The Delaware FHA 203k loan is a great option for the following situations

  • Borrowers who are looking for cost-effective ways to renovate, repair or improve an existing home.
  • Borrowers who would like to rehabilitate a foreclosure that has been neglected or damaged by the previous occupant.
  • Borrowers who want only one loan, with one closing and underwriting review for both rehabilitation construction and permanent financing.
  • Borrowers who may not qualify for conventional financing
  • Borrowers who would like to avoid having to obtain closed-end second mortgages or HELOCs for repairs, renovations, and improvements.
  • Borrowers who would like to obtain financing based on the “as-completed” value of a home.
  • Borrowers who want to improve their home and neighborhood.

The type of Delaware property that can be approved for a Delaware 203k loan is a 1-2 unit residential property that is the borrower’s primary residence.  The loan is used for purchase or rate and term refinance (cost of repairs is not considered cash-out).

If you would like to learn more about a Delaware 203k Loan or apply for one, you can call the John Thomas Team at 302-703-0727 or APPLY ONLINE.  We are certified FHA 203k Loan specialist and have the experience and knowledge to guide you thru the whole process from start to finish.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713

About John Thomas

John Thomas and his team are long-time Delaware natives. They know the local real estate market as well as they know the loan products that help them serve it. Dedicated to helping first-time buyers; the John Thomas Team are experts on first-time buyer loan programs (FHA, VA, USDA) and conduct monthly first-time buyer seminars that have been attended by more than 3000 Delaware buyers.