VanDyk Mortgage offers FHA 203K Streamlined Rehab loans direct to consumers. These loans offer the ability to finance upfront up to $35K in upgrades to rehabilitate a home. These are offered up to $679,650 in eligible areas, or the FHA Mortgage limit for your area, if less.
*** we also offer full 203K loans - call for details
There is no doubt that the current real estate market offers a lot of great bargains on bank owned, Foreclosed, REO, Repo'd, etc homes. However, many of these homes are in poor condition. Missing appliances, ruined carpet & flooring, holes in the wall, etc. Most lenders don't offer loan programs that will be able to help folks buy homes in this condition.
This is where a little known program called the FHA 203K Rehab loan comes in. The FHA 203K Rehab loan is becoming very necessary for the purchase of many Bank Owned, REO, or Repo properties. VanDyk Mortgage offers FHA 203K streamlines to make the process of buying a home that needs a little TLC (or quite a bit in some cases!) easier, more affordable, and quicker. Many of us have seen firsthand, or have heard stories about foreclosed home that have been torn up, stripped, vandalized, etc. With conventional financing, these homes are very difficult to sell or buy, as they are not in move in condition, and most lenders will not lend on a damaged home.
Our FHA 203K Streamline program allows the homebuyer to put up to $35K of rehab work into the new loan. The loan closes 1 time. It is a permanent form of financing. The Streamline program should not be confused with the more complicated FHA 203K rehab loan, which can accomadate major remodels, major damage repair, storm damage, etc. The FHA 203K Streamline rehab loan is just that - Streamlined.
This 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.
These loans are a key to helping homes become more accessible for disabled folks as the modifications can often be completed with a FHA 203K loan.
What it can't cover is landscaping, structural damage, foundation work, room additions, load bearing wall changes, etc. It is available up to the Mortgage limits in your county (FHA Jumbo), which can be found here.
There is no HUD consultant or general contractor is required. However, we do suggest using a general contractor with a strong track record to ensure that your work is done & done right.
Please give us a call to find out if this loan is right for your next purchase, your listing, or right for your next buyer that is looking at Bank-owned, REO, or Repo properties that are in need of TLC & repairs.
866-900-2342 (toll free) or apply online at www.vandykfunding.com.
Call the FHA Experts, Call VanDyk Mortgage