203K Rehab Loans
Many times, our buyers find a home that needs repairs done to it and they do not have the additional funds to make those repairs. There is good news for these clients. If the client can qualify for a higher loan amount, they might want to look at a 203K rehab loan. These loans allow financing up to $35,000 for repairs and improvements with cash up front.
Eligible Repairs:
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New roof, gutters and downsprouts
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Repair or replace plumbing and electric
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New furnace and central air
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Fresh paint inside and out, new carpet and tile
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Purchase new appliances
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Build a deck,patio, or porch
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Repair or replace septic or well
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Waterproof, finish, or rehab the basement
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emodel the kitchen or bath
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Install new windows, doors, and insulation
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Improve accessibility for the disabled
Ineligible Repairs:
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Major remodeling (i.e. moving load bearing walls)
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Repair structural damage
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New construction or room additions
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Add a garage
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Landscaping
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Rehab a manufactured home
For more details on our you or your client can qualify for this type of loan, contact Holly Hack at First Place Bank in Traverse City, MI - 231-409-4140 or Holly@hollyhack.com
Christine Stalsonburg, Realtor
Re/Max Bayshore Properties
231-409-4140
Christine, I am doing a 203K Streamline now. Did you do the 203K RE-build USA Designation? Lots of good informatiion and a portal with the partners.
I did not know about that designation. Where do you go to get it? Thanks for the tip
Are these loans only for owner occupied? I'm sure they are. The speculative investors are part of the problem.
As far as I know they do have to be owner occupied.