Often, we let a house go as it needs some cosmetic repairs. Today, getting a house repair loan has become quite easy. All a person needs to do is hire a 203K consultant, so that a report can be made for the lender, in order to start the loan process.
A 203K streamline is known as a ‘cosmetic repair’ loan, which is used to do small house repairs that do not involve changing the home’s construction. The loan is given on the basis that the repairs do not need any construction workers or engineers.
The Benefit of 203K Streamline Loan
The plus point of a 203K streamline loan is that the amount of money given for the home repairs is included in the home’s mortgage. The maximum amount of money given in this loan is $35,000. The loan taken out for buying the house is increased with the addition of this amount. This results in only one loan and one interest rate.
Repairs That Can Be Done on A 203K Streamline Loan
- Replacement of gutters
- Repairs to porches, patios and decks
- Repairing roof patches
- Septic system repair
- Plumbing fixtures
- Minor electrical appliances
- Floor repairs
- Minor remodeling such as bathrooms and kitchen that does NOT involve any alterations to the structure
- Waterproofing and remodeling the basement
- Interior and exterior painting
- Doors and windows insulation and caulking
- Replacing appliances such as washing machine, refrigerators, microwaves and dishwashers
- Home improvements for people having disabilities
- Repairing of air conditioning, venting and heating system
These are most of the repairs that can be done under a 203K streamline loan. However, it is important that you hire a 203K consultant for easy processing of this loan. Beryl Engineering and Inspection offers the service of 203K consultant. These consultants make a feasibility report of all the repairs so that you can get an idea on how much money you need. To talk to one of their 203K consultant, call at (813) 358-0379.