What is FHA 203(k)

The Section 203(k) program is the department's primary program for the rehabilitation and repair of single family properties, basically, a home improvement loan. The standard 203K program is for repairs exceeding $35,000 and is often the choice in a house that needs major rehabilitation work. They also offer a streamline loan program for simple repairs under $35,000. The streamline loans are typically easier to obtain and do not require a FHA consultant.

Benefits of 203(k)

  • As little as 3.5% down payment required
  • The 203K program allows you to obtain one guaranteed mortgage loan to purchase and renovate your new home.
  • Why pay a premium for a home in perfect condition when you can purchase foreclosures for great prices and put YOUR STYLE into the new home?
  • Homes that are in need of repair or flaws that do not meet current codes- A 203k allows you to:

Elgible Repairs and Improvements

The Streamlined 203K loan allows for simple repairs that can be easily estimated and completed. Here is an approved list of repairs/ improvements from HUD:
  • Roofs, gutters, and downspouts
  • HVAC systems (heating, venting and air conditioning)
  • Plumbing and electrical
  • Flooring: carpet, tile, wood, etc.
  • New windows and doors
  • Weather stripping & insulation
  • Improvements for persons with disabilities
  • Energy efficient improvements
  • Weather stripping & insulation
  • Repairing & Replacing Decks, patios, porches
  • Basement Remodeling and waterproofing
  • Appliance Replacement

Approved FHA 203(k) Contractor Benefits to using Top To Bottom Construction

We are a 203K Certified Contractor and an approved contractor for many banking institutions in Cook, Dupage, Lake, Kane, and McHenry Counties of Illinois.
  • We understand the 203K process and can complete your project in a timely manner.
  • We have advisors on staff to help in designing your new home.
  • We offer solid estimates that meet the requirements of lenders and eliminate surprises after the project starts.
  • We pride ourselves on quality craftsmanship, excellent communication throughout the entire project and are always available to the customer.
  • We offer the best warranties in the industry, 2 Years on any products and material we supply and a Limited Lifetime Warranty on Workmanship. See store for more details.
  • We are an experienced Remodeling & Construction company with a staff with experience that encompasses design, Engineering, Mold Certification, EPA Lead Remediation Certification, and EPA Refrigerant Certification






SCHEDULE YOUR FREE ESTIMATE

Schedule your free in home estimate today!

image

Special Financing Available

Need financing for your next project? No problem. We have partnered with GreenSky® Trade Credit to bring you exclusive financing options that are flexible and affordable.

Learn More