Streamline vs Full 203k

This is what it takes to make these types of financing work. First, you must have a ratified contract. Then you have a home inspection done. The inspection is completed by a special inspector, there are a few I can reccomend. The cost of the home inspection, $400.00 is wrapped into your finance package. Once the amount of work to be done is determined, then you can decide which program works best for you, either the Streamline, or the Full 203k. Streamline isn't as easy as it looks. and can only be used when the total amount in repairs is less than 30k. If that is the case, 2 Contractors must bid on the work and the bank will then choose. All of the work and fees are rolled into the Loan Amount. There is a 20% contingencey reserve based on the amount of repairs needed to pass homes inspection. Basically they charge your 20% of the cost, and add that to the loan. If you go FULL, there is only a 10% contingencey reserve. I havea few contacts that are offering these types of loans. Feel free to call me with any questions you may have related to these types of financing.
843 323 1150