NEW FHA RENOVATION LOAN GUIDELINES
Many home buyers are getting great deals on short sales and foreclosures here in Tampa, however these homes usually require updates and renovations.
With these new rehab loans offered by Wells Fargo, you can turn your newly purchased home into the house of your dreams
with little or no money out of pocket!
Even better, you only have to have a minimum credit score of 600 to qualify!
REMODEL EXPRESS
REPAIRS UP TO $35,000
LOWES OR HOME DEPOT TO DO ALL REPAIRS
NO STRUCTURAL REPAIRS ALLOWED
CLOSE IN 30-45 DAYS
Want to add a pool? Then these 203K financing options may be for you!
203k STREAMLINE
REPAIRS UP TO $35,000
PICK UP TO 4 DIFFERENT COMPANIES TO DO THE WORK – ALL MUST BE LICENSED AND CARRY INSURANCE –EXAMPLES – ROOFER, PLUMBER,
NO STRUCTUAL REPAIRS ALLOWED
CLOSE IN 45-60 DAYS
203k – Full blown
NO LIMIT ON REPAIRS
STRUCTUAL REPAIRS ALLOWED
1 LICENSED GENERAL CONTRACTOR
HUD CONSULTANT REQUIRED
CLOSE 90-120 DAYS
CONVENTIONAL MORTGAGE
STRUCTUAL REPAIRS ALLOWED
THIRD PARTY REVIEW PROCESS
1 LICENSED GENERAL CONTRACTOR
CLOSE 60 DAYS
So, what’s the next step? You’ll need to get pre-qualified to find out what you can afford. A mortgage specialist can go over all the details of this, and many other financing options available to you. Shoot us an email here
You may also want to read the New FHA Lower Minimum Credit Score Guidelines and Information here.
