Jr.'s Blog

April 9th, 2009 3:12 PM

HUD has developed an FHA insured mortgage, called the “Streamline (K)” Limited Repair Program that permits home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in.

With this product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. All standard FHA underwriting guides apply as they do for regular FHA loans in regards to credit, income & asset documentation, etc.  This is a perfect product for foreclosures or distressed properties that may need repaired to bring the property up to standard. 

For more info click here.

Call either Ruben Minjarez or Chris Haun at Gem Mortgage at the numbers below for detailed information on this program.

626-289-7525 (Office)

877-456-2657 (Toll Free)

Repairs can be made for:

  • Repair/Replacement of roofs, gutters and downspouts
  • Repair/Replacement/upgrade of existing HVAC systems
  • Repair/Replacement/upgrade of plumbing and electrical systems
  • Repair/Replacement of flooring
  • Minor remodeling, such as kitchens, which does not involve structural repairs
  • Painting, both exterior and interior
  • Weatherization, including storm windows and doors, insulation, weather stripping, etc.
  • Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
  • Accessibility improvements for persons with disabilities
  • Lead-based paint stabilization or abatement of lead-based paint hazards
  • Repair/replace/add exterior decks, patios, porches
  • Basement finishing and remodeling, which does not involve structural repairs
  • Basement waterproofing
  • Window and door replacements and exterior wall re-siding
  • Septic system and/or well repair or replacement
Posted by Tom Berge Jr. on April 9th, 2009 3:12 PMPost a Comment (0)
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