203K Rehab Loans

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:

1. New roof, gutters and downsprouts
2. Repair or replace plumbing and electric
3. New furnace and central air
4. Fresh paint inside and out, new carpet and tile
5. Purchase new appliances
6. Build a deck,patio, or porch
7. Repair or replace septic or well
8. Waterproof, finish, or rehab the basement
9. emodel the kitchen or bath
10. Install new windows, doors, and insulation
11. Improve accessibility for the disabled

Ineligible Repairs:

1. Major remodeling (i.e. moving load bearing walls)
2. Repair structural damage
3. New construction or room additions
4. Add a garage
5. Landscaping
6. 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