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If you've been passing up buying homes that require cosmetic repairs for lack of funds to fixt them up, We have a program for you:

A streamline-K loan eliminates much of the paperwork and simplifies the process to obtain rehab funds.

It used to be that you bought a home and the applied for a home equity loan to fix it up, resulting in two loans. But many lenders won't make rehab loans. Some won't fund equity loans at closing, especially if there is no equity.

• A Streamline-K loan is fiugred into the original loan balance, resulting in one loan
• It can be an adjustable rate or fixed rate mortgage.
• The mortgage balance can exceed the purcahse price of the property.
• Borrowers are encouraged to us a contractor familiar with 203K's.
• The apraiser or home inspector can put together a list of recommended repairs/improvements.

If you are a first time-buyer, don't get overwelmed and ill-prepared to deal with the work required to bring some homes up to today's standards. A Streamline-K loan might be the answer.

Eligilbe improvements:

• Roofs, gutters and downspouts
• Repair/Replacement/Upgrade of existing HVAC systems
• Repair/Replacement/Upgrade of plumbing and electrical systems
• Repair/Replacement of flooring
• Minor remodeling, such as kitchens, which does not involve structural repairs
• Painting, both exterior and interior
• Storm windows & doors, insulation, weather stripping, etc. Purchase of appliances. Accessibility imporvements for persons with disabilities.
• Lead-based paint stabilization or abatement of lead-based paint hazards
• Lender discretion
• Repair/Replace/Add exteriror decks, patios, porches
• Window and door replacement and exterior wall re-siding
• Septic system and/or well repair or replacement

All Repairs/Work must be completed within 3 months of closing date.

For more information call: Paramount Mortgage Funding, Inc.  At: 407.583.4872