Top FHA 203k Loan Lender In Warren, Clinton Twp, Sterling Hgts, Chesterfield, St Clair Shores.
FHA 203k Loans is a home loan that will allow you to finance renovation costs into the loan. http://www.fhaloanmichigan.org 866-421-2821 Commonly referred to as a fixer upper loan or rehab loan the 203k is for borrowers who will occupy the home as their primary residence.
Mortgage One Suburban are experts in 203k’s.
Mortgage One Suburban has preferred contractors that know the paperwork required by HUD. They also have the financial backing that will allow them to complete the work and be able to wait till the loan closes before being paid for their work.
There are two types of 203 k loans. One is a standard 203k loan which is for larger renovations such as adding additions, moving load bearing walls, repairing structural damage to a house or where costs for the renovations exceed $35,000 .
A “streamline 203k” is for renovations that are less than $35,000. Here is a list of eligible improvements.
Repairs or replacement of roofs, gutters and down spouts
Repair, replacement or upgrading existing HVAC systems
Repair, replace or upgrade existing plumbing and electrical systems
Repair or replace flooring
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