The Kestner Team

One of the lenders we work with, National Investors Mortgage, has the following program available for those who are looking to rehab homes.

FHA 203(k) Streamline Limited Repair Program

  • Allows buyer to purchase a home and make limited upgrades/repairs to the property all under one single loan
  • The loan is not re-qualified as it is only underwritten one time, upfront
  • There is no minimum amount for the repair costs; however the maximum is $35,000 (includes 10% contingency)
  • The buyer is given three months from the closing date to complete all of the repair/rehab work

Mortgage Calculation

The lesser of:

  • Maximum mortgage limit for Nashville area ($432,500)
  • "As is" value plus cost of rehabilitation
  • 110% of "After Improved" value

Eligible Improvements/Work

  • Repair/replacement of roofs, gutters, 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/bathrooms, which does not involve structural repairs
  • Weatherization, including insulations, weather stripping, etc
  • Purchase and installation of appliances
  • Repair/replace/add exterior decks, patios, porches
  • Window and door replacements and exterior wall re-siding

Jonathon Keenan

Cell) 602-721-8037 Office) 866-889-8889

Posted by Nina Kestner McIver on March 17th, 2009 4:13 PMPost a Comment (0)
Recent Posts:
Archive:
My Favorite Blogs:
Sites That Link to This Blog:

Nina Kestner McIver Coldwell Banker Barnes 114 Cool Springs Blvd. Franklin, TN 37067
Phone:

Contact Us | Free Home Valuation | Services | Nashville, TN Rankings | For Rent | Our Blog

Copyright © 2012 Nina Kestner McIver
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map
All rate, payment, and area information are estimates and approximations only.