FHA 203k Renovation Loans

Renovation loans can be used to fix up a home you already own, or fix up a home you intend to  purchase. Countryplace offers the FHA 203k streamline renovation loan. The 203k loan allows you to borrow up to $35,000 to update a home that you currently own, or are purchasing. The improvements are for cosmetic upgrades only. You can finance items such as flooring, paint, appliances, cabinets, countertops, roofing, siding, & septic or well repairs. These loans can be very helpful for individuals that are buying bank owned foreclosures that are in need of minor repairs.
The costs of the improvements (up to $35,000) are rolled into the loan. The loan is closed and the improvement costs are set aside in escrow until the upgrades are completed. Your contractor can take up to 50% of the proceeds at closing for the cost of materials. This loan allows up to 6 months for completion of the improvements.
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