This is a program that should get a lot of people out buying houses with it’s many possibilities. It’s the 203K program which works with FHA financing and it’s got a very high 97% LTV and I find it to be a very aggressive loan program for rehabbers in this market.
*One Time Close
*97% LTV of After-Improved Value
(Value is determined by Appraisers estimate of the properties value after completing the proposed project)
*Up to $35,000 Available for Rehab Project
*50% of Total Rehab Amount Available the Day of Closing (No Waiting for Funds)
*6% Seller Concessions
Allowable Improvements and Repairs
*Repair/Replacement of Roofs, Gutters and Downspouts
*Repair/Replacement/Upgrade of Existing HVAC Systems
*Repair/Replacement/Upgrade of Plumbing and Electrical Systems
*Repair/Replacement of Flooring
*Minor Remodeling, Such as Kitchens and Bathrooms
*Painting, Both Exterior and Interior
*Weatherization, including Windows, Doors, Insulation, Weather Stripping Etc.
*Purchase and Installation of Appliances, including Free-Standing Ranges , Refrigerators, Washers/Dryers, Dishwashers and Microwave Ovens
*Accessibility improvements for Persons with Disabilities
*Lead-Based Paint Stabilization or Abatement of Lead-Based Paint Hazards
*Repair/Replace/Add Exterior Decks, Patios, and Porches
*Basement Finishing and Remodeling
*Basement Waterproofing
*Window and Door Replacements and Exterior Wall Re-siding.
*Septic System and/or Well Repair or Replacement
This information is deemed accurate, but can change at anytime, please email for the most recent guidelines.
Email me at ron@minnesotainvestors.com if interested in buying some homes with this program.
