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Is this you?
You can't get a loan to buy a house until certain items are repaired or upgraded …but the repairs and upgrades can’t be done until the home has been purchased.
Waterstone offers the affordable financial tool you can use to buy AND fix up the home. With HUD’s 203(k) Streamline program, you can purchase a property and bundle the cost of repairs, upgrades and other improvements all into one FHA loan.
This means repairs can be financed AND you can still get the great down payment options that come with FHA loans.
A Waterstone Mortgage 203(k) Streamline Loan Specialist can tell you more about the 203(k) Streamline rescue solution.
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Learn more about 203(k) Streamline loans |
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How does this loan work?
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Purchase transactions, refinances, REO properties
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Homeowner pays for repairs or renovation from loan proceeds, up to $35,000
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Only one loan and one closing
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Homeowner may act as their own general contractor but all work needs to be bid and performed by licensed contractors
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An FHA-approved consultant is required
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Work must be complete within 5 months after close and must start no later then 30 days after close
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Only two draws are allowed
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Standard FHA fees and down payment required
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Permits must be used where mandated
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45 days from rate lock to close
What repairs are eligible?
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Repair/replacement of roofs, gutters and downspouts; heating or cooling systems; plumbing and electrical systems; flooring; windows, doors and exterior siding; septic systems and wells
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Minor remodeling
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Exterior or interior painting
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Weatherization such as storm windows and doors, insulation and
weather-stripping
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Appliance purchase
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Improvements for the disabled
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Lead-based paint stabilization
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Repair/replace or add decks and patios
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Basement finishing and waterproofing
What repairs are not eligible?
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Major remodeling or renovation
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New constructions or additions
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Any repair of structural damage
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Landscaping or site amenity improvements
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Any project taking longer than 6 months
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Any work more than two payments per contractor
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Any work requiring a specific repair/work write-up
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Any repairs causing the owner/mortgagor being displaced for more than 30 days. HUD anticipates that in most cases the owner should be able to move in/or stay in the property.
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Where do I Start?
To find a loan officer, contact a Waterstone Mortgage branch today.
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Finding the Right Loan
