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Connecticut Rehab Mortgages: How Do FHA 203K Loans Work?

Posted on January 24, 2018 · Posted in Connecticut FHA Mortgage, connecticut rehab mortgage, construction

FHA 203k loans are available for both home buyers and borrowers that already own their homes.  This Rehab Loan Program is ideal for both minor repairs and more extensive renovations.  Below I have listed both FHA 203k Rehab Loan Programs and what they offer.

 

FHA 203k Standard/Full Rehab Loan:

 

  • For purchase or refinance of a home in need of structural rehabilitation or significant repairs over $35,000

  • Loans up to the Max FHA Loan Requirements (Loan Sizes Vary by County)

  • Major repairs such as: Install flooring, permanent improvements to house, decks, fencing, driveway repair, severely damaged foundation and more!

  • Structural changes allowed

  • Max 180 day (6 months) completion time

 

FHA 203k Streamline Rehab Loan:

 

  • For Purchase or refinance of a home in need of minor rehabilitation

  • Total costs or repairs do not exceed $35,000

  • Minor repairs such as: kitchen remodeling, Interior/Exterior painting, energy efficient upgrades (windows, insulation, solar systems), repair roof and more!

  • No HUD Consulting required

  • 90 Day (3 months) Completion time

 

The FHA 203k Rehab loan is a very beneficial product in that it allows you to truly make your house into the Home of Your Dreams!

 

If you have any further questions about this program or any other mortgage options, feel free to call, text, or email me today!

 

Ram
Ramazan Sinani
Mortgage Loan Originator
Northeast Financial
NMLS: 1590862 Company NMLS: 117273
Cell: 203-695-6858 Fax: 203-413-6240
ramazan@northeast-mortgage.com