203(k) Loans

The 203(k) Rehab Loan is the homeowner’s answer to the problem of purchasing a house that needs repair. Many of today’s bank-owned and short-sale properties may not be in the best condition. The cost of property acquisition, combined with the estimated rehab costs put these properties out of reach for many home buyers. Paramount’s FHA guaranteed 203(k) Rehab Loan provides one fixed-rate term or adjustable rate mortgage to obtain the property and cover all the rehab costs. The loan is based upon the projected value of the property after construction is completed. Simple, fast and affordable for today’s homebuyer.

Allowed 203(k) repairs include:  

• Roofs, gutters & downspouts

• Repair or replace HVAC systems

• Plumbing & electrical systems

• Replace and repair flooring

• Structural remodeling

• Interior/exterior painting

• Weatherization & insulation

• Purchase & installation of appliances

• Accessibility improvements for the disabled

• Lead-based paint stabilization & abatement

• Exterior decks, porches & patios

• Basement refinishing & remodeling

• Basement waterproofing

• Window & door repair/replacement

• Exterior wall residing

• Septic & water well repair/replacement

 

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