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Danna Inc. has earned the construction/remodeling industry’s Certified 203k Contractor designation
By earning this designation Danna Inc. is certified to perform repairs and modifications in the project with 203k loan program. Danna Inc. presents to consumers, lenders and Realtors® a validation of our competency, understanding and experience with the 203k loan program including HUD’s guidelines, time lines and paperwork. We are looking forward to serve the customers with all their 203k needs. |
The customers should contact us after locating a house (or living in a house) that requires repairs and remodeling. We will work closely with you and guide you thru the 203k loan process.
About FHA 203k loan program
It enables home buyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home. When buying a house that needs repair or modernization, home buyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment. However, the 203k loan offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. The 203k loans save borrowers time and money.
Work acceptable for FHA 203k Loan
- Energy Efficient upgrades (windows, insulation, solar systems, etc.)
- 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
- Kitchen remodeling
- Painting, both exterior and interior
- Weatherization, including storm windows and doors, insulation, weather stripping, etc.
- Purchase and installation of appliances, including freestanding 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
- Structural repairs/modifications (moving walls, repairing foundations, etc.)
Water damages in the bathroom
After the repairs have been completed
