I wanted to make sure you knew about a wonderful loan program that lets homebuyers finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. FHA's Streamlined 203(k) Loan Program helps homebuyers tap into cash to pay for property repairs or improvements, like those identified by a home inspector or FHA appraiser.

Here are some of the eligible repairs and improvements for the 203(k) loan program:
oRepair or replacement of roofs, downspouts, and gutters
oRepair, replacement, or upgrade of existing HVAC systems
oRepair or replacement of flooring
oMinor remodeling (i.e. kitchen) not involving structural repairs
oPainting of the interior and exterior
oWeatherization, including storm windows and doors, insulation, weather stripping, etc
oPurchase and installation of appliances, including washers and dryers, refrigerators, dishwashers, microwave ovens, and free-standing ranges
oAccessibility improvements for people with disabilities
oRepair, replace, or add exterior decks, patios, or porches
oBasement finishing and remodeling not involving structural repairs
oWindow and door replacements and exterior wall re-siding
oSeptic system or well repair or replacement
oLead-based paint stabilization or abatement of lead-based paint hazards (engineer's report required upon completion)

FHA 203(k) loans can be used for purchasing a primary residence or refinancing the rate and term. Cash-out refinances are not allowed.