A Home Improvement Loan

• To purchase a dwelling and the land on which the dwelling is located and rehabilitate it, or
• To refinance existing indebtedness and rehabilitate a dwelling.

TWO TYPES OF 203(k) LOANS:

STREAMLINE 203(k)

• Rehabilitation cost must be under $35,000
• Total loan amount dependent on county FHA limits
• Construction must begin within 30 days
• Cosmetic repairs

STANDARD 203(k)

• Rehabilitation cost must be minimum of $5,000
• Total loan amount dependent upon county FHA limits
• Construction must begin within 30 days

Benefits to Realtor & Seller:

• Expand home ownership opportunities
• Can put houses on market without undergoing costly improvements
• Tool for community & neighborhood revitalizations
• Increase homes for sale on MLS

Benefits to Borrower:

• Offers a proven solution to borrowers & Realtors
• Affordable & cost-effective means for borrowers to finance desired repairs
• Family has outgrown starter home
• Make your home what you want it to be