How to buy a home in Charleston and finance repairs [FHA Streamline 203K]
The FHA Streamline 203K loan allows you to obtain one loan to buy a home in Charleston and include the amount necessary to complete required repairs. The program is designed for a smaller scale of repairs rather than a major rehabilitation.
Some of the eligible improvements include:
Repair / Replacement of roofs, gutters and downspouts
Repair / Replacement / Upgrade of existing HVAC system
Repair / Replacement / Uprade of plumbing and electrical systems
Repair / Replacement of existing flooring
Repair / Replacement / Adding exterior decks, patios and porches
Minor remodeling of kitchens, baths, etc., which does not involve structural repairs
Weatherization including storm windows and doors, insulation, weather stripping, etc.
Purchase and installation of appliances including ranges, refrigerators, dishwashers, microwave ovens and washer / dryers
Painting both exterior and interior
Window and door replacements
A big advantage of the FHA Streamline 203K loan is that repairs are completed after closing with the loan proceeds and a general contractor is not always required.