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Butler Ohio Home Loans
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Butler Ohio
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Butler, OHIO
Rehab and FHA 203k Loans
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If you are looking to purchase a
home in Butler, Ohio that needs work
(or own a home that could be updated, repaired or improved), Tim Bradford
and the Team of People at American Midwest Mortgage are the people you want
working for you on your Butler Rehab Mortgage
or Butler 203k Mortgage.
Presented here is basic information about Rehab Loans. You may also
wish to visit www.Ohio203K.com
for additional information. We are one of the leading
originators of Rehab Loans in Ohio and would like to assist you with your Butler,
Ohio Rehab Mortgage. As a leader in 203K loans we offer the full
203k as well as the streamline 203k in Butler,
Ohio.
The FHA 203K Loan is a program that
allows an Owner Occupying borrower to Purchase (or refinance) a home in Butler
Ohio and take out just one mortgage loan to finance both the acquisition and
the rehabilitation and/or improvement of the property. The 203K loan
is also an excellent way to improve, repair or update the home, as well as
meet any Butler Ohio Building
Codes, Violations or Butler Point of
Sale Requirements. Maximum financing is available for One-to
four-family dwelling properties (including condominiums) that have been
completed for at least one year. Homes can be demolished or razed, provided
some of the existing foundation system is in place. The
possibilities are almost limitless of what you can do.
"Doing Good things for Good
People"
Is our goal, as
you look back you will say it was an enjoyable experience to have worked
with Tim Bradford
and the other experienced professionals at American Midwest Mortgage.
Let us assist you with your Butler Ohio Mortgage Questions.
Please visit
www.Ohio203K.com for additional
information or call Tim Bradford to discuss your options.
With any Purchase or Refinance
being Pre Approved is generally the First Step. With a FHA 203k Loan
this is important because you need to know your loan limits, because
it includes the cost of the Butler
Home as well as the cost of the Renovations and Improvements.
Here are some of the Basic guidelines for your Butler Ohio
Renovation Plans
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203(k) Eligible Improvements per the US Department of HUD
A. Structural alterations and reconstruction (e.g., repair or
replacement of structural damage, chimney repair, additions to the
structure, installation of an additional bath(s), skylights, finished attics
and/or basements, repair of termite damage and the treatment against
termites or other insect infestation, etc.).
B. Changes for improved functions and modernization (e.g., remodeled
bathrooms and kitchens, including permanently installed appliances, i.e.,
built-in range and/or oven, range hood, microwave, dishwasher).
C. Elimination of health and safety hazards (including the resolution
of defective paint surfaces or lead-based paint problems on homes built
prior to 1978).
D. Changes for aesthetic appeal and elimination of obsolescence
(e.g., new exterior siding, adding a second story to the home, covered
porch, stair railings, attached carport).
E. Reconditioning or replacement of plumbing (including connecting to
public water and/or sewer system), heating, air conditioning and electrical
systems. Installation of new plumbing fixtures is acceptable, including
interior whirlpool bathtubs.
F. Installation of well and/or septic system. The well or septic
system must be installed or repaired prior to beginning any other repairs to
the property. A property less than 1/2 acre with a separate well or septic
system is not acceptable; also, a property less than 1 acre with both a well
and a septic system is unacceptable. Lots smaller than these sizes, usually
have problems in the future; however, the local HUD Field Office can approve
smaller lot size requirements where the local health authority can justify
smaller lots. The installation of a new well or the repair of an existing
well (used for the primary water source to the property) can be allowed
provided there is adequate documentation to show there is reason to believe
the well will produce a sufficient amount of potable water for the
occupants. (A well log of surrounding properties from the local health
authority is acceptable documentation.) Refer to HUD Handbook 4910.1,
Appendix K, for additional information.
G. Roofing, gutters and downspouts.
H. Flooring, tiling and carpeting.
I. Energy conservation improvements (e.g., new double pane windows,
steel insulated exterior doors, insulation, solar domestic hot water
systems, caulking and weather stripping, etc.).
J. Major landscape work and site improvement (e.g., patios, decks and
terraces that improve the value of the property equal to the dollar amount
spent on the improvements or required to preserve the property from
erosion). The correction of grading and drainage problems is also
acceptable. Tree removal is acceptable if the tree is a safety hazard to the
property. Repair of existing walks and driveway is acceptable if it may
affect the safety of the property. (Fencing, new walks and driveways, and
general landscape work (i.e., trees, shrubs, seeding or sod) cannot be
in the first $5000 requirement.)
K. Improvements for accessibility to a disabled person (e.g.,
remodeling kitchens and baths for wheelchair access, lowering kitchen
cabinets, installing wider doors and exterior ramps, etc.). Related fixtures
such as new cooking ranges, refrigerators, and other appurtenances, as well
as general painting are also eligible; however, it must be in addition to
the $5,000 requirement.
"Doing Good things for Good
People"
Is our goal, as
you look back you will say it was an enjoyable experience to have worked
with Tim Bradford
and the other experienced professionals at American Midwest Mortgage.
Let us assist you with your Butler Ohio Mortgage Questions.
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