You may consider the FHA 203k Streamline program which is for smaller remodel projects from 5K up to 35K and can close within 45 days. For the more extensive projects such as a room addition, new roof, new kitchen or bathrooms, carpet and paint, etc., you may consider the standard 203k which can fund an extensive remodel and include up to 6 months payments in the loan. You can remodel with a loan up to the FHA loan limits per each county which is $729,750 in San Francisco county.
The first step is to determine what work will be done, then the homeowner would obtain an estimate from a licensed contractor. Some banks only allow one contractor, who must sub out the individual contractors and other banks allow multiple contractors, usually up to three different trades. Once you have the numbers together a loan file is assembled and submitted to the banks underwriting department for preliminary approval. The appraisal is completde with the current as is value and the final completed value with all of the scheduled work done. This program allows a maximum loan amount based on 110% of the completed value. The maximum loan amount for a puchase would be 96.5% of the maximum value or for a refinance 97.75% of the maximum value.
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
We came across the Macy's furniture store ( different than the department store) near hillsdale shopping center, and they had some decent items. You can also try cost plus world market. For what it's worth I like some of Ikea's furniture but I always find myself asking,... more