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Can I get a small home improvement loan rolled into a mortgage?

If I am buying a home that needs work, can I get the mortgage and money for improvement rolled into one loan?
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January 29 2009 - Sacramento
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Let me drop what I am doing to contact a lender whose experience is so extensive that the program is home something!

Rob--It's called Fannie Mae HomeStyle Renovation....

What lender are you using to originate these loans?
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January 29 2009
FHA 203K is not the only options and may not be the best either.
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January 29 2009
if not then you can get a full construction rehab Fannie Mae loan.. Called Home something.. Call me I have both. and do a lot of Construction rehab loans. thier tricky.
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January 29 2009
yes with FHA depending on loan amount
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January 29 2009
Yes - depending on the amount of and type of repairs needed, you can apply for either an FHA 203(k) Rehab loan or an FHA 203(k) Streamline Rehab loan. The cost of repairs can be rolled into the mortgage, and you will have 6 months to complete the repairs.

If the cost of repairs will exceed $35,000 and/or you need to make structural repairs to the home, you will need to the FHA 203(k) Rehab loan. Otherwise, you should apply for the FHA 203(k) Streamline Rehab loan.
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January 29 2009
Yes, if you and the property qualify, you may be able to obtain an FHA Streamlined K, which will give you money for improvements. You can go to the HUD web site to find an FHA approved lender:
http://www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm

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January 29 2009
 
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