Are you interested in purchasing a home that needs a little work? Do you need to make some repairs to your current primary residence? Mid America Mortgage is pleased to offer 203K financing solutions to home buyers seeking to finance both the purchase of a home and the cost of its rehabilitation through a single mortgage.
203K loans can also be used for refinancing one’s existing property while incorporating the costs of rehabilitating their home.
This FHA financing program is intended to facilitate uncomplicated rehabilitation and/or improvements to properties.
Call us today to learn more and to see if a 203K rehab loan is right for your situation – 866-544-7013.
203K Standard Loans: Frequently Asked Questions*
- Repairing and/or replacing roofs, gutters and downspouts
- Repairing and/or replacing of existing HVAC systems
- Repairing and/or replacing plumbing and electrical systems
- Flooring repair and replacement
- Minor remodeling which does not involve structural repairs
- Interior and exterior painting
- Weatherization and energy efficiency improvements such as storm windows and doors, insulation, and weather stripping
- Purchase and installation of appliances. This may include: free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
- Accessibility improvements for individuals with disabilities
- Lead based paint stabilization or abatement
- Repair, replacement, or addition of exterior decks, patios, and porches
- Basement finishing and remodeling
- Waterproofing basements
- Window and door replacements and exterior wall re-siding
- Septic systems and/or well repairs or replacement
- Major remodeling such as moving a load bearing wall which may require the work of an architect and/or paid consultant.
- Project to repair damage to the structure of a home.
- Building additions to a home.
- Work must start within 30 days of closing and should not take more than six months to complete.
*Please note that underwriting criteria is subject to change and other terms and conditions may apply. Contact a Mid America Mortgage representative today to learn more about 203K FHA mortgages.