This new FHA program allows borrowers to finance improvements/upgrades up to $35,000 into the mortgage at the time of purchase. All work must be completed within three months of closing. The work must be done by licensed contractors. If your buyer is in a profession that demonstrates the ability to perform some of the work it would be allowed, (i.e.. electrician can perform electrical update).
Type of repair or updates are:
Repair/replacement of roofs, gutters, and downspouts
Upgrade of existing HVAC systems
Upgrade of plumbing & electrical systems
Flooring
Exterior decks, patios, porches
Minor remodeling (as long as it does not involve movement of structural walls) no additions.
Painting – interior/exterior
Weatherization – including storm windows/ doors, insulation, weather stripping, etc
Purchase & installation of new appliances (including washer and dryer)
Disability access improvements
Lead based paint stabilization or abatement of lead-based paint hazards
Basement finishing/remodeling, which doesn’t require structural repairs
Basement water-proofing
Window & door replacement
Exterior wall re-siding Septic system and/or well repair or replacement.
We will be doing a seminar shortly on how this program can bring faster sales to your listings needing repairs. Call us at (253)536-LOAN for details or drop us an email.
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