203K FHA Rehab. Loans- We are Signed Up and Excited!

I am happy to spread the news that we are up and running with the 203K FHA loan! This is a wonderful product that can be a huge tool in our local Michigan market with so many foreclosures. Features of the program include:

• Up to $35,000 in repair escrow available!
• No minimum repair amount (unlike some 203Ks that require $5,000 of rehab.)
• 1-4 unit owner occupied homes eligible
• Condos eligible
• Can be combined with HUD REO properties, other REO properties, or properties that are not foreclosures!
• We use post-rehab. appraisals, so no equity is needed!
• Up to 110% post rehab. value!

Types of improvements include:

• Roofs, gutters
• Heating and cooling systems
• Plumbing
• Electrical
• Minor remodeling such as kitchens, baths
• Painting, exterior and interior
• Weatherization such as windows, doors, insulation, etc.
• Appliances
• Decks, patios, porches
• Basement finishing and remodeling
• Waterproofing and mold removal
• Septic and well work

Excludes:

• Structural repairs
• Moving of walls
• Room additions
• Landscaping
• Pool improvements
• Work taking longer than 3 months
• Repairs requiring more than two payments to contractor

Who can do the work:

• A licensed contractor or:
• An owner who can demonstrate ability to do work themselves (i.e.- a plumber who wants to do his own plumbing)

For more information, give me a call at (616) 719-4513!