FHA Streamline 203(K) Rehab Loan
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Equal Housing Lender Global Advisory Group, Inc. dba Mortgage Advisory Group Rev. 03/11 Bellevue • Everett • Marysville • Mill Creek • Puyallup • Wenatchee • Woodinville • Arizona Mortgage Advisory Group’s top-notch customer service is the core of our outstanding reputation. We pride ourselves on extensive knowledge of mortgage programs and regulations, advising you on the best option for your needs, today and for years to come. A Lifetime of Mortgage Advice Your Future is Our Focus FHA STREAMLINE 203(K) REHABILITATION LOAN PROGRAM Obtain home loan financing and the funds for renovation in one loan Have you found a home that would be perfect with a few renovations? Or perhaps you are considering improving your current home, or renovating your bathroom or kitchen. If any of these possibilities are in your future, an FHA Streamline 203(k) Loan may be a good option for your renovation needs. The FHA Streamline 203(k) Loan provides financing and funds for the cost of renovation in one easy loan closing process to qualified borrowers. If you qualify, you will receive a cost-effective single-close option that enables you to remodel a kitchen or bath, repair a roof or make other important improvements to an existing or newly purchased home that needs renovation. (1) HIGHLIGHTS FHA Streamline 203(k) features: Q Primary residences that are 1- to 4-unit properties Q Purchase and rate/term refinancing Q Fixed rate mortgages with 30-year term Q One underwriting review and one closing for rehabilitation construction and permanent financing Maximum loan amounts and other restrictions apply. Ask for details. (1) Borrowers may use the loan to make any improve- ments that add value to the property and are permanently affixed. Most improvements and repairs are acceptable for financing; however, the following are ineligible in all cases: new detached living units, improvements intended for commercial/business use and non-permanent improvements. Some products may not be available in all states. Credit and collateral are subject to approval. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. All rights reserved. 04-27-2009 PRGM-01-09-0035.C AR76520 Q Down payment as low as 3.5% Q One loan amount for purchase or refinance and repairs Q Up to six months allowed for completion of rehabilitation construction Q Loan fees may be financed Q Great tool for REO Properties Q Cost effective way to renovate an existing home Q Mortgage is FHA insured Q Mortgage amount may be also increased when combining EEM (Energy Efficient Mortgage) with the FHA Streamline 203(k) Advantages to the FHA Streamline 203K Call me today for information and a free loan consultation! Mill Creek Office 15117 Main Street Suite B106 • Mill Creek, WA 98012 Phone: 425.224.8300 • Toll Free: 888.618.8007 Bellevue Office 225 108th Ave NE Suite N150 • Bellevue, WA 98004 Office: 425.732.5800 • Toll Free: 877.752.8007 www.MAGloans.com Mike Bon MLO-119781 Mortgage Advisor Cell: 253-495-2095 Direct: 425-224-8347 [email protected]
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Transcript of FHA Streamline 203(K) Rehab Loan
Equal Housing LenderGlobal Advisory Group, Inc. dba Mortgage Advisory Group Rev. 03/11
Bellevue • Everett • Marysville • Mill Creek • Puyallup • Wenatchee • Woodinville • Arizona
Mortgage Advisory Group’s top-notch customer service is the core of our outstanding reputation. We pride ourselves on extensive knowledge of mortgage programs and regulations, advising you on the best option for your needs, today and for years to come.A Lifetime of Mortgage Advice
Your Future is Our Focus
FHA STREAMLINE 203(K) REHABILITATION LOAN PROGRAM
Obtain home loan financing and the funds for renovation in one loanHave you found a home that would be perfect with a few renovations?Or perhaps you are considering improving your current home, or renovating your bathroom or kitchen. If any of these possibilities are in your future, an FHA Streamline 203(k) Loan may be a good option for your renovation needs.
The FHA Streamline 203(k) Loan provides financing and funds for the cost of renovation in one easy loan closing process to qualified borrowers. If you qualify, you will receive a cost-effective single-close option that enables you to remodel a kitchen or bath, repair a roof or make other important improvements to an existing or newly purchased home that needs renovation. (1)
HIGHLIGHTSFHA Streamline 203(k) features:
Q Primary residences that are 1- to 4-unit properties
Q Purchase and rate/term refinancing Q Fixed rate mortgages with 30-year term Q One underwriting review and one
closing for rehabilitation construction and permanent financing
Maximum loan amounts and other restrictions apply. Ask for details. (1) Borrowers may use the loan to make any improve-ments that add value to the property and are permanently affixed. Most improvements and repairs are acceptable for financing; however, the following are ineligible in all cases: new detached living units, improvements intended for commercial/business use and non-permanent improvements. Some products may not be available in all states. Credit and collateral are subject to approval. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. All rights reserved. 04-27-2009 PRGM-01-09-0035.C AR76520
Q Down payment as low as 3.5% Q One loan amount for purchase or refinance and repairs Q Up to six months allowed for completion of rehabilitation
construction Q Loan fees may be financed Q Great tool for REO Properties
Q Cost effective way to renovate an existing home Q Mortgage is FHA insured Q Mortgage amount may be also increased when
combining EEM (Energy Efficient Mortgage) with the FHA Streamline 203(k)
Advantages to the FHA Streamline 203K
Call me today for information and a free loan consultation!
Mill Creek Office15117 Main Street Suite B106 • Mill Creek, WA 98012Phone: 425.224.8300 • Toll Free: 888.618.8007 Bellevue Office 225 108th Ave NE Suite N150 • Bellevue, WA 98004 Office: 425.732.5800 • Toll Free: 877.752.8007
www.MAGloans.com
Mike BonMLO-119781Mortgage AdvisorCell: 253-495-2095Direct: [email protected]
Equal Housing LenderGlobal Advisory Group, Inc. dba Mortgage Advisory Group Rev. 03/11
Bellevue • Everett • Marysville • Mill Creek • Puyallup • Wenatchee • Woodinville • Arizona
FHA STREAMLINE 203(K) ELIGIBLE IMPROVEMENTS
FHA 203(k) Streamline Eligible Improvements
Q Repair/replacement of roofs, gutters and downspouts Q Repair/replacement /upgrade of existing heating,
ventilation and air conditioning systems Q Repair/replacement/upgrade of plumbing and
electrical systems Q Repair/replacement of existing flooring Q Minor remodeling, such as kitchens, bathrooms, which
do not involve structural repairs Q Weatherization: including storm windows and doors,
insulation, weather stripping, etc Q Purchase and installation of appliances, including
freestanding ranges, refrigerators, washer/dryers, dishwashers and microwave ovens
Q Accessibility improvement for person with disabilities Q Painting, interior and/or exterior Q Repair/replace/add exterior decks, patios, and
porches Q Basement finishing and remodeling which does not
involve structural repairs Q Basement waterproofing Q Window and door replacement and exterior wall
re-siding Q Septic system and/or well repair or replacement
Q Major rehabilitation or major remodeling such as the relocation of a load-bearing wall
Q New construction (including rooms additions) Q Repair of structural damage Q Repairs requiring detailed drawing of architectural
exhibits Q Landscaping or similar site amenity improvements Q Luxury items such as swimming pools, hot tubs,
tennis courts, gazebos, barbecue pits, etc. Q Any repair or improvement requiring a work schedule
longer than 6 months
Q Rehabilitation activities that require more than 2 payments per specialized contractor
Q Walkway or driveways Q Required repairs arising from the appraisal that do not
appear on the list of eligible repairs
FHA 203(k) Streamline Ineligible Improvements
Below are the types of improvement that are allowed on the Streamline 203(k) program:
Below are the types of improvement that are NOT ALLOWED on the Streamline 203(k) program:
FHA STREAMLINE 203(K) REHABILITATION LOAN PROGRAM
