Streamlined Purchase and Repair Program
(Limits: <=$35000)

Simple Purpose:
To facilitate the uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are NOT required.

The following is a list of the discretionary improvements and or repairs included in the program.
* Repair/Replacement of 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
* Weatherization, including storm windows and doors, insulation, weather stripping, etc.
* Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
* Accessibility improvements for persons with disabilities
* Lead-based paint stabilization or abatement of lead-based paint hazards
* Repair/replace/add exterior decks, patios, porches
* Basement finishing and remodeling, which does not involve structural repairs
* Basement waterproofing
* Window and door replacements and exterior wall re-siding
* Septic system and/or well repair or replacement

Simple process:
1. With P&S submit contract work plan/estimate
a. Home-owner/Contractor sign agreement (includes a one year warranty from contractor) [FHA Form 2420]
2. Home is appraised
3. Loan approved
4. Purchase closes
5. 35% disbursement if needed for materials about 10-20 days after closing
6. Work starts inside 30 days of close – must be completed within 6 months
7. Repair project completed
8. Final inspection done if needed
9. Rest of disbursement

Information provided by:
Tony Cardinali of Mortgage Master Inc.