Buying a Fixer-Upper That Needs The Gutters Replaced?
New “Limited Repair” FHA Loan for Homeowners
The Federal Housing Administration (FHA) Program Offers Buyers a new type of loan called a Streamlined K or “limited repair” loan gives buyers of fixer-uppers an incentive. This program allows you to spend a maximum of $35,000 on the following repairs and you can roll it into your mortgage:
- Exterior/interior painting
- Replace or repair:
- a roof
- windows and doors
- gutters and downspouts
- flooring
- septic systems & wells
- decks, patios and porches
- heating and air conditioning systems
- plumbing and electrical systems
- Weatherizing your home including insulating, weather-stripping, storm windows and doors.
- Buy new appliances including washing machines and dryers and microwave ovens.
- Handicap Accessibility improvements
- Lead Paint Abatement or paint stabilization
- Basement remodeling or finishing that doesn’t involve structural changes or basement waterproofing
- Re-siding
