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Thousands of people are using the FHA 203k Streamline loan every single month. Let us help you purchase a MN, WI, or SD home with just 3.50% down, AND provide you with the money to fix the house, bring it up to code, get it painted, replace carpet, fix the roof, or even add new appliances.
There is no doubt that the current real estate market offers a lot of great bargains on bank owned, Foreclosed, REO (bank owned), and short-sale homes. However, many of these homes are in poor condition. Missing appliances, ruined carpet & flooring, holes in the wall, etc. Typical mortgage loan programs DO NOT finance home in poor condition, or that are not currently habitable.
Therefore an important tool for community and neighborhood revitalization is the FHA 203(k) loan.
The FHA 203(k) loan is available to borrowers of all income levels, to homeowners who plan to occupy the house, and for homes with one to four units.
Streamline 203k. The 203k Streamline loan is for repairs UNDER $35,000, and is the most popular 203k rehab loan. It works for the vast majority of home repairs.
Full 203k: For repairs over $35,000 in cost. Allows for major items like room structural damage, foundation work, room additions, load bearing wall changes, etc. Few lenders offer this program due to it's risk and complexity.
The FHA 203K Rehab loan is becoming very necessary
for the purchase of many Bank Owned, foreclosure, and short-sale properties.
The loan closes just one time, and is a permanent form of financing. This rehab loan can help with new paint (in/out), new siding, new roof, new flooring, new appliances, HVAC repair/replacement, electrical & plumbing repair & upgrades, new windows, decks, porches, patios, minor kitchen remodels, & more.
There is no HUD consultant or general contractor required on the 203k streamline. However, we do suggest using a general contractor with a strong track record to ensure that your work is done & done right.
NOTE: You are
allowed to do ANY of the repair work yourself under this program.
All work must be done be a licensed contractor.
Please give us a call to find out if this loan is right for your next purchase in need of TLC & repairs.
FHA 203k interest rates are slightly higher than a normal FHA loan. This is due to the increased risk the lender have if the projects doesn't get done, has cost over runs, or if the house now has a bigger loan than what the property is worth.
See today's MN, WI, and SD interest rates.
The appraiser will be given a copy of your repair bids along with the purchase agreement. The appraiser must say that the after improved value of the home will equal at least the combination of the repair and purchase price. For example, if the purchase price is $100,000, and your repairs are $25,000. The appraiser must say the house will be worth within 110% of $125,000 when the repairs are done.
Cambria Mortgage - St Paul Office
33 Wentworth Ave E, Suite 290
St Paul, MN 55118
Office (651) 552-3681
Fax (651) 994-6425
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Cambria Mortgage. Nationwide Mortgage Licensing System and Registry (NMLS) # 322798 Saint Paul Branch - NMLS # 387944. Joe Metzler, Licensed Mortgage Loan Originator NMLS #274132. Licensed in MN, WI, IA, ND, and SD.
NOTE: We offer USDA, VA and FHA Loans. While we are an approved lender, we are not part of HUD, FHA, The United States Government, or the Department of Veteran Affairs. We are not acting on behalf of, or under the direction of HUD/FHA or the Federal Government. FHA and VA do not lend directly to the public, only through approved lending institutions like Cambria Mortgage.
33 Wentworth Ave E - St Paul, MN 55118 - NMLS 274132. Equal Housing Lender © 1998-2022 - Joe Metzler for Cambria Mortgage