MOORESVILLE, NC — Lowe’s and REbuildUSA are partnering to bring an in-store program, offering customers a one-stop destination for most of their 203(k) repairs, renovation products and services needs. The FHA Streamlined 203(k) program helps add money into a mortgage for repairs and renovations.
“Homes needing renovation are typically the very best buys available; however, most prospective buyers have no idea how to finance both the purchase of the home and the renovation work required,” said Dennis Walsh, CEO of REbuildUSA. “The FHA Streamlined 203(k) offers a competitive solution. At the same time, millions of current homeowners could also benefit from this program that offers competitive rates and the ability to make improvements to their homes. We're excited to partner with Lowe’s to make use of the Streamlined 203(k) much easier than ever before.”
The FHA Streamlined 203(k) renovation loan program provides funds for both the purchase and renovation of eligible homes packaged into one mortgage loan. Once the purchase of the home is closed, renovation funds are held in escrow to pay for pre-determined renovation work done by approved renovation contractors. There were approximately 21,000 FHA 203(k) loans in 2009, including Streamlines.
The FHA-insured Streamlined 203(k) loan is provided through approved lenders nationwide and is available to owners who will occupy the home themselves. Down payment, credit qualification, loan limits and other requirements are the same as standard FHA loans. Additional guidelines exist specific to Streamlined 203(k) loans to provide for renovation of the home.
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