With these options you can simplify the financing process by financing your home and your renovation cost into one FHA k loan. Before considering applying for a Limited formerly known as Streamline k Loan, here is a sample of some projects that are eligible.
Speak to a HomeBridge Mortgage Loan Originator to get a full list of the home improvements you can make. Since the Consultant K allows for more extensive work, more supervision is required throughout the process.
A k Consultant will inspect your property and help you determine which repairs are required to bring the property up to FHA minimum standards. For Consultant K loans, the k contractor must also sign the work write-up, acknowledging the cost of repairs. Luxury home-type improvements aren't allowed under FHA k rehabilitation mortgages. Borrowers under FHA k mortgages can, however, finance such things as painting, room additions and decks.
Lastly, lenders have final say on FHA k and streamline refinance applications. Tony Guerra served more than 20 years in the U. He also spent seven years as an airline operations manager.
Guerra is a former realtor, real-estate salesperson, associate broker and real-estate education instructor. He holds a master's degree in management and a bachelor's degree in interdisciplinary studies.
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