FHA Rehab Loans - FHA 203K streamline rehab and FHA 203K Rehab- Renovation loans.
VanDyk Mortgage offers FHA 203K Streamlined Rehab loans and FHA 203K Rehab/Renovation Loans direct to consumers. In this artile, we will focus on the FHA 203K Streamline. We have a full 203K renovation article coming soon. These loans offer the ability to finance upfront up to $35K in upgrades to rehabilitate a home. These are offered up to $729,750, or the FHA Mortgage limit for your area, if less.
There is no doubt that the current real estate market offers a lot of great bargains on bank owned, Foreclosed, REO, Repo'd, Short Sale, etc homes. However, many of these homes are in poor condition. Missing appliances, ruined carpet & flooring, holes in the wall, etc. Most lenders don't offer loan programs that will be able to help folks buy homes in this condition.
This is where a little known program called the FHA 203K Rehab loan comes in. The FHA 203K Rehab loan is becoming very necessary for the purchase of many Bank Owned, REO, or Repo properties.
VanDyk Mortgage offers FHA 203K streamlines to make the process of buying a home that needs a little TLC (or quite a bit in some cases!) easier, more affordable, and quicker. Many of us have seen firsthand, or have heard stories about foreclosed home that have been torn up, stripped, vandalized, etc. With conventional financing, these homes are very difficult to sell or buy, as they are not in move in condition, and most lenders will not lend on a damaged home. Our FHA 203K Streamline program allows the homebuyer to put up to $35K of rehab work into the new loan. The loan closes 1 time. It is a permanent form of financing. The Streamline program should not be confused with the more complicated FHA 203K rehab loan, which can accomadate major remodels, major damage repair, storm damage, etc. The FHA 203K Streamline rehab loan is just that - Streamlined. This loan can help with new paint (in/out), new siding, new roof, new flooring, new appliances, hvac repair/replacement, electrical & plumbing repair & upgrades, new windows, decks, porches, patios, minor kitchen remodels, & more.
These loans are a key to helping homes become more accessible for disabled folks as the modifications can often be completed with a FHA 203K loan.
What they can't cover is landscaping, structural damage, foundation work, room additions, load bearing wall changes, etc. It is available up to the Mortgage limits in your county (FHA Jumbo), which can be found here. There is no HUD consultant or general contractor is required. However, we do suggest using a general contractor with a strong track record to ensure that your work is done & done right. Please give us a call to find out if this loan is right for your next purchase, your listing, or right for your next buyer that is looking at Bank-owned, REO, or Repo properties that are in need of TLC & repairs.
Call the FHA Experts, Call VanDyk Mortgage
We proudly offer a full array of Government, Conventional, and Jumbo loan Options including FHA, VA, USDA, FHA Jumbo, VA Jumbo, VA Refinance, Conventional, Jumbo, VA Condo loans, FHA 2-4 Unit Loans, VA 2-4 Unit Loans, FHA 203K Rehab Loans, 5% down Conventional loans, Conventional Condo's OK to 95%, 95% conventional purchase with ZERO Monthly PMI, and more.
Veterans: We are able to help Veterans with a new home purchase with a VA Loan or VA Jumbo Loan as soon as 2 years after Bankruptcy, Foreclosure, or Short Sale (even sooner if Short Sale involved no late payments). Call Today - get back into homeownership!
--> VA Loan Limits for 2018. Learn More - Up to $679,650 with zero money down VA Jumbo Loan
--> VA Loans over the County VA Loan Limit - yes, we allow this: Read more detail on how to get a VA Loan Over your County VA Loan Limit here VA Loans up to $1.5M!
We serve the entire state of California including: Anaheim, Antioch, Bakersfield, Brentwood, Burbank, Carlsbad, Chula Vista, Corona, Coronado, Downtown San Diego, Encinitas, Escondido, Fallbrook, Fremont, Fresno, Hermosa Beach, Huntington Beach, Irvine, Long Beach, Los Angeles, Marina Del Rey, Menifee, Monterey, Murrieta, Oakland, Oakley, Oceanside, Ontario, Pasadena , Poway, Rancho Cucamonga, Redlands, Riverside, Sacramento, San Bernardino, San Diego, San Francisco, San Jose, San Marcos, San Mateo, Santa Ana, Santa Clarita, Santa Monica, Temecula, Torrance, Ventura, Vista, and all other CA Cities and areas.
We now serve the entire state of Virginia including Virginia Beach, Norfolk, Chesapeake, Richmond, Newport News, Alexandria, Hampton, Roanoke, Portsmouth, Suffolk, and all other Virginia Cities, Towns and Counties.
We also serve the entire state of Washington including: Auburn, Bellevue, Bellingham, Bonney Lake, Bothell, Bremerton, Des Moines, Edmonds, Everett, Federal Way, Ferndale, Issaquah, Kent, Kirkland, Lacey, Lake Stevens, Lynnwood, Mercer Island, Mill Creek, Monroe, Montlake Terrace, Mt Vernon, Mukilteo, Olympia, Puyallup, Redmond, Renton, Seatac, Seattle, Silver Lake, Snohomish, Spokane, Sumner, Tacoma, Tumwater, Vancouver, Wenatchee, Woodinville, Yakima and all other WA cities and towns.
All information is subject to change without notice.
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VanDyk Mortgage is a private company specializing in FHA & VA financing, VanDyk Mortgage Corp is not a government agency. Corp 2449 Camelot Ct SE, Grand Rapids, MI 49546
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Branch address 310 Via Vera Cruz, ste 210 & 211, San Marcos, CA 92078 760-752-4480 direct
NMLS ID: 3035 - VanDyk Mortgage Corp NMLS ID 220268
Brian Skaar - Loan Originator / Branch Manager
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