Mortgage Master now has Streamlined FHA 203(k) Loans!

UPDATE: Please visit our Renovation Mortgage Guide for current information on various mortgages to remodel your Washington state home.

Streamlined FHA 203(k) mortgages are intended for “lighter” repairs or improvements to a home.  The rehab amount is limited to a maximum of $35,000 and the minimum repair cost is $5,000.   Here is an example of eligible improvements:

• Repair or replacement of roofs, gutters and downspouts.
• Repair or replacement of existing heating, ventilation and/or air conditioning system.
• Repair or replacement of plumbing and electrical systems.
• Repair or replacement of flooring.
• Minor remodeling that does not involve structural repairs.
• Exterior and interior painting.
• Weatherization, including storm windows and doors, insulation, weather stripping, etc.
• Purchase and installation of appliances.
• Improvements for people with disabilities.
• Lead-based paint stabilization.
• Repair, replacement or addition of exterior decks, patios, porches.
• Basement finishing and remodeling that does not involve structural repairs.
• Basement waterproofing.
• Replacement of windows and doors and exterior wall re-siding.

The loan amounts are based on current FHA loan limits.  In King, Pierce and Snohomish counties, the current FHA loan limit is $567,500.  This program is available for purchase and refi’s.

If you’re interested in a FHA Streamlined 203(k) mortgage for your home located in Washington State, please contact me.