Link to University Lending Group Facebook page

 

 Link to University Lending Group Facebook page

ULG strives to provide its customers with high quality service and a comprehensive selection of competitively priced loan products. 
 
loans Contact Us

 

ULG strives to provide its customers with high quality service and a comprehensive selection of competitively priced loan products. 
 
loans Contact Us

 

 

Streamlined FHA 203(k)

Streamlined FHA 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.

Streamlined FHA 203(k) is one of many FHA programs that insure mortgage loans, and thus encourage mortgage companies to make mortgage credit available to borrowers who would not otherwise qualify for conventional loans on affordable terms (such as first time homebuyers) and to residents of disadvantaged neighborhoods (where mortgages may be hard to get).

Streamlined FHA 203(k) fills a unique and important need for homebuyers in another way as well. When buying a house that is need of repair or modernization, homebuyers usually have to follow a complicated and costly process, first obtaining financing to purchase the property, then getting additional financing for the rehabilitation work, and finally finding a permanent mortgage after rehabilitation is completed to pay off the interim loans. The interim acquisition and improvement loans often have relatively high interest rates and short repayment terms.

However, a Streamlined FHA 203(k) offers a solution that helps both borrowers and mortgage companies, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. Streamlined FHA 203(k) insured loans save borrowers time and money, and also protect mortgage companies by allowing them to have the loan insured even before the condition and value of the property may offer adequate security. 

The extent of the rehabilitation covered by a Streamlined FHA 203(k) insurance may range from relatively minor repairs to more complex repair and/or replacement. The types of improvements that borrowers may make using Streamlined FHA 203(k) financing include:

  • Repair/replacement of roofs, gutters and downspouts
  • Repair/replacement/upgrade of existing HVAC systems
  • Repair/replacement/upgrade of plumbing and electrical systems
  • Repair/replacement of flooring
  • Minor remodeling that does not involve structural repairs
  • Painting
  • Weatherization, including storm windows and doors, insulation, weather stripping, etc.
  • Purchase and installation of appliances
  • Accessibility improvements for person with disabilities
  • Repair/replacement/addition of decks, patios, or porches
  • Basement finishing and remodeling, which does not involve structural repairs
  • Basement waterproofing
  • Window and door replacements
  • Exterior wall re-siding
  • Septic system and/or well repair/replacement

Contact Our 203K Specialist Today!

Ron Byrom
NMLS #276811
(850) 228-5125 Cell
(850) 296-1699 Office

 

Contact Our 203K Specialist Today!

Ron Byrom
NMLS #276811
(850) 228-5125 Cell
(850) 296-1699 Office

 
University Lending Group
 
Let University Lending Group guide you through the home buying or refinancing process, and provide you with the best service available.

PHONE: 586-783-7900

Copyright 2017
University Lending Group
Careers 
Privacy Notice | Terms Of Use
Online Security
NMLS #213179
University Lending Group
 
Let University Lending Group guide you through the home buying or refinancing process, and provide you with the best service available.

PHONE: 586-783-7900

Copyright 2017
University Lending Group
Careers 
Privacy Notice | Terms Of Use
Online Security
NMLS #213179
University Lending Group 
Mortgage Library Application About Us
Loan Programs
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Privacy Notice - Federal law requires us to tell you how we collect, share, and protect your personal information. Our privacy policy has not changed and you may review our policy and practices with respect to your personal information at www.university-bank.com or we will mail you a free copy upon request if you call us at 1-800-368-7987. 

Illinois Residential Mortgage Licensee - Illinois Mortgage Banker Licensee, License No. MB. 6760806, State of Illinois Department of Financial and Professional Regulation, Division of Banking, 100 W. Randolph, 9th Floor, Chicago, IL 60601; (312) 793-3000; www.idfpr.com.

University Lending Group 
Mortgage Library Application About Us
Loan Programs
Locations Find a Professional Contact Us

Privacy Notice - Federal law requires us to tell you how we collect, share, and protect your personal information. Our privacy policy has not changed and you may review our policy and practices with respect to your personal information at www.university-bank.com or we will mail you a free copy upon request if you call us at 1-800-368-7987. 

Illinois Residential Mortgage Licensee - Illinois Mortgage Banker Licensee, License No. MB. 6760806, State of Illinois Department of Financial and Professional Regulation, Division of Banking, 100 W. Randolph, 9th Floor, Chicago, IL 60601; (312) 793-3000; www.idfpr.com.

 
 
 
 
 
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