I owe 116K on my mortgage and need 30K of repairs which includes a new roof and 2 bathroom redos. I just want to have one mortgage payment. Some lenders say I have to get a home improvement loan first and then wait 6 months to refinance. Some do not offer the 203K loans at all.
Asked by:Andre K
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According to the HUD website, 203(k) streamline loans are available to homebuyers for the rehab of a new (to them) home. Since you seem to already be in your home (hence the mortgage), you may not qualify for the 203(k) property. Your best bet is to contact the HUD area office nearest you. You can find a list of offices here:
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This is a great question and I come by this one a lot.
First to answer your question, you can get all the information possible on a 203k rehab loan at:
This is the direct link to the FHA resource page on 203 (k) loans.
The main thing to consider when doing home repairs is whether a mortgage loan is the best option. Especially with the 203 (k) loan there is many restrictions on what is an “eligible” repair. Historically cash-out has not been the main use of streamline refinances but there is a small market for these types of loans.
In the past the more conventional mortgage methods have been more simple (e.g. equity credit lines, and cash-out refinances) but the issue these days have been appraisals, which are required when going the conventional route.
Steps to figuring out if a 203(k) rehabilitation loan is for you:
1. Speak with a mortgage representative and make sure you are approved for a streamline refinance.
2. Read through the eligible repairs on the link above and see which ones match what you are trying to do.
3. Speak with a contractor and get a bid for the repairs and submit the bid to an appraiser.
4. Submit this information to a FHA approved lender so they can get the repairs approved through FHA.
No matter what I always suggest to work with an FHA approved lender while you go through each of the steps above, wasted time is the worst time.
Otherwise look into alternate credit options. If your credits good you can usually get financing with contractors or try for a line of credit with a bank (banks have removed most of their credit lines for the time being though)
Good Luck!
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