Turn That Fixer-Upper Into Your Dream Home!

• Roll the cost of minor repairs, upgrades, and improvements into your mortgage.
• Repair and rehab amounts up to $35,000
• Replace carpet and flooring
• Upgrade furnace and A/C
• Replace windows, siding, roofing, gutters
• Upgrade appliances
• Add, repair, replace decks, patios, porches
• Upgrade electrical, plumbing, and insulation
• Remodel kitchens, bathrooms
• Painting (interior and exterior)
• Drywall repair
• Mold and Lead Paint Remediation
• No repairs or work schedules over 6 months
• Buyers cannot be displaced more than 30 days
• No new construction or room additions
• No structural repairs
• No exterior amenities, i.e., landscaping or fencing
• All work by licensed, insured & bonded contractors

Contractors are allowed a maximum of 2 draws.  Vendors/Retailers that are supplying items such as appliances may be paid with only one draw.  The first draw may be taken at closing for no more than 50% of their contract price.  All draws must be approved by the Borrower.  Any repair/improvement costs exceeding a total of $15,000 shall require a compliance inspection by the FHA appraiser, at an additional fee, prior to final draw being paid.  Immediately after acceptance of Purchase Agreement, the homeowner(s) will obtain written quotes from licensed, bonded, and insured contractors for any and all work to be completed.  Homeowner(s) shall deliver to FRMC copies of the contractor quotes ASAP for delivery to the appraiser.  Without these quotes an appraisal cannot be completed.