renovation lending

Have you ever seen a house you really like, one that needs some work but has great potential? Some people feel like they would have to pass up an opportunity like this just because they don't have the money to invest in the repairs. Have no fear, there is a solution! FHA offers two products a full 203k and a streamline 203k. If the house just needs a few upgrades like new carpet, new appliances, or a remodeled bathroom, the streamline 203k is probably the right product for you. You can receive a loan for up to 110% of the after improved value of the house, with up to $35,000 in repair funds and can receive up to 50% of the repair funds within 10-14 days after closing, before the work even begins! There is no minimum amount to borrow and the process of getting the money is very easy. Keep in mind though, that you can't make structural changes with this loan. If you need to make structural changes you'll need a full 203k loan. This loan program is a little more paperwork-intensive, but definitely worth it. You'll line up your contractors and estimates before closing, then the mortgage company will send payments to these contractors out of your loan money. Now there's no reason to pass up a fixer-upper!