Call for a price quote on an inspection or detailed information on services available.

203(k) - How is it different?

The borrower (homeowner) can get just one mortgage loan at a long term fixed or adjustable rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitatiion, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.

Eligible Improvements

1. Structural alterations and reconstruction
2. Changes for improved functions and modernization
3. Elimination of health and safety hazards
4. Changes for aesthetic appeal and elimination of obsolescence
5. Reconditioning or replacement of plumbing
6. Roofing, gutters and down spouts
7. Flooring, tiling and carpeting
8. Energy conservation improvements
9. Major landscape work and site improvement, patios and terraces that improve the value of the property equal to the dollar amount spent on the improvements or required to preserve the property from erosion
10. Improvements for accessibility to the handicapped

The following cost can be included in addition to the minimum $5000 requirement for the existing structure:

• Construction of an attached unit to the existing dwelling or rehabilitation of detached garage
• New cooking ranges, refrigerators and other accessories
• Interior or exterior painting
• No luxury items except $1500 maximum repair to an existing swimming pool

Required Improvements

1. Cost effective Energy Conservation Standards
   1. Addition Existing Structure must conform to applicable codes
   2. Rehabilitation of Existing Structure - To improve the thermal efficiency of the dwelling, the following are required:
      1. Weatherstrip all doors and windows to reduce infiltration of air
      2. Caulk or seal to reduce infiltration
      3. Insulate rehabilitation openings and ceiling areas as necessary
      4. Adequately ventilate attic and crawl space areas
   3. Replacement System
      1. HVAC supply and return pipes and ducts must be insulated when running through unconditioned spaces
      2. HVAC systems must be sized to no greater than 15% oversize
2. Smoke Detectors - Each sleeping area must be provided with a minimum of one approved detector adjacent to the sleeping area

New construction to comply with local codes.

203(k) - Eligible Property

• Over one year old
• 1 to 4 single family units
• Attached new construction
• Demolish or to be raised
• Using existing partial foundation
• Conversion to 2,3 and 4 units
• Manufactured Housing
• Existing owner-existing loan and rehab
• Rehabilitate buildings