• FHA Loan Agency is NOT a government agency. FHA Loan Agency is a subsidy of Consumer Real Estate Finance Co (CREFCO)
• Consumer Real Estate Finance Company (CREFCO) is an equal housing lender.
• Consumer Real Estate Finance Co. (NMLS #104621) is a member of the Better Business Bureau and FHA approved lender (2161400008), duly licensed in Ohio (MB.803105.000); Florida (CL0700480); KY (MB71773); UT (6638229-MLCO); Virginia (MC-4892 by Virginia State Corporation Commission); Commonwealth of Pennsylvania (20877); Georgia Residential Mortgage License (#24094) and Michigan (FL0017201).
• Fees & charges apply and may vary by product and State. APR shown assumes 2% points. Subject to underwriting approval. Application required; not all applicants will be approved. Full documentation & property insurance required. Loan secured by a lien against your property. Consolidating or refinancing debts may increase the time and/or the total amount needed to repay your debt. Taxes & insurance extra. Terms, conditions & restrictions. Lock in agreement required to secure rate. Recent rate but subject to change without notice. Rates, loan products, & fees subject to change without notice. Your rate and term may vary. Call for details.
• Texas Complaint Recovery Fund Notice
  CONSUMER REAL ESTATE FINANCE CO., NMLS # 104621, IS LICENSED UNDER THE LAWS OF THE STATE OF TEXAS AND BY STATE LAW IS SUBJECT TO REGULATORY OVERSIGHT BY THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING.

  ANY CONSUMER WISHING TO FILE A COMPLAINT AGAINST CONSUMER REAL ESTATE FINANCE CO., NMLS # 104621, SHOULD COMPLETE, SIGN, AND SEND A COMPLAINT FORM TO:

  THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING
  2601 NORTH LAMAR, SUITE 201
  AUSTIN, TEXAS 78705

  COMPLAINT FORMS AND INSTRUCTIONS MAY BE DOWNLOADED AND PRINTED FROM THE DEPARTMENT’S WEB SITE LOCATED AT http://www.sml.state.tx.us OR OBTAINED FROM THE DEPARTMENT UPON REQUEST BY MAIL AT THE ADDRESS ABOVE, BY TELEPHONE AT ITS TOLL-FREE CONSUMER HOTLINE AT 1-877-276-5550, BY FAX AT (512) 475-1360, OR BY E-MAIL AT SMLINFO@SML.STATE.TX.US.

  THE DEPARTMENT MAINTAINS THE MORTGAGE BROKER RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT SUBCHAPTER F OF THE MORTGAGE BROKER LICENSE ACT ON THE DEPARTMENT’S WEB SITE REFERENCED ABOVE.

The Federal Housing Administration’s (FHA) 203k Rehabilitation Loan or “Streamline K” is an easy to use mortgage program specifically designed for those who wish to make improvements on a home they own, or would like to buy.

Rather than having to obtain a separate loan to finance the cost of repairs (or walking away from a home you love because you don’t have the cash for home improvements), the Streamline 203K rehabilitation loan allows you to finance these costs — up to $35,000 — within your FHA mortgage or refinance itself.

What Home Improvements Can I Make with a 203K Loan?

A Streamline 203k loan allows for a wide variety of home improvements to be performed on a home. It’s intended for simple repairs, light remodeling, and upgrades (including money saving energy efficient upgrades).

There is NO MINIMUM amount you must borrow. Therefore, your 203K rehabilitation loan can refinance as little as $1 and as much as $35,000 worth of improvements. It’s up to you.

Here are just a few of the improvements you can perform with the Streamline K:

• Repair, replace, and upgrade roofs, gutters, downspouts
• HVAC systems (heating, vacuum, and AC)
• Plumbing and electrical systems
• Flooring, exterior decks, patios, and porches
• Minor remodeling that does not involve structural repairs (ie. kitchen, bathroom or basement)
• Interior and exterior painting
• Weatherization, including doors, windows, insulation, stripping, etc
• Appliance purchase & installation (ie. kitchen appliances, washer, dryer)
• Energy efficient upgrades
• Lead-based paint removal & stabilization
• Exterior wall re-siding
• And more!

Are your intended projects on this list? An FHA 203K loan may be just what you need!

How does a 203k Loan Work?

The beauty of the Streamline K is its simplicity.

When you take the loan out, the money is put into an escrow account and the contractors hired to do the repairs are paid up to 50% of the cost up front. When they finish the work — like with any manner of construction — they are paid the balance.

Work financed through a 203k loan must be started within 1 month of closing, completed within 6 months, and may not require architectural plans.

How Can I Apply for a 203K Purchase or Refinance Loan?

Whether you certain the 203K loan is right for you, or you’d like to know if your intended improvements are eligible, CREFCO’s 203K loan experts can offer you fast, free information, rates, and guidance.

Give us a call at 1-866-854-4242