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THE FHA 203(K) PROGRAM
CAN HELP YOU BUY A REHAB
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You don’t have the CASH to buy all those “Cash Only” deals you are finding? The FHA can help!! The FHA 203k streamline program is designed to lend you the funds necessary to repair the home before you move in.
FHA 203(k) Streamline Program
The FHA 203k streamline loan is designed to allow people who want to purchase a home in need of a few repairs to buy the home using a base loan and then have money for planned repairs or improvements escrowed and paid directly to the contractors. For the FHA 203k streamline program, you can have up to $35,000 set aside for repairs and while there are a few “extra” steps to the loan, it is not significantly more difficult to qualify for and get approved for a regular FHA loan.
Top FHA 203(k) Streamline Repairs
Some of most popular improvements that people use the FHA 203k streamline program for include:
~Kitchen remodeling
~Bathroom remodeling
~Termite damage repair
~New exterior work (stucco)
~Plumbing fixture repairs
~Roof repairs or an entirely new roof
~Installation of new smoke detectors
~Landscaping improvements.
How FHA 203k Streamline Funding Works
When you buy a house using a FHA 203k streamline, up to 50% of the money set aside for property improvements disbursed immediately. Normally, if money is disbursed at closing, an instruction letter from the lender is issued with details of what is required for the second and final disbursement.
Once all work has been completed and approved, the final disbursement can be issued from the lender and paid directly to the contractors.
Instant Equity: The FHA 203k Streamline
Makes It Possible
Many times, if a home “needs a little work”, buyers will pass on it in favor of a home that is “perfect”. This provides you a real opportunity to build equity by “buying low” knowing that you can get the needed money for repairs as part of the normal FHA loan process.
So if you are in the market for a home and are willing to put a little bit of extra work in to improve the home, the FHA 203k streamline is a great option and can help you get the money needed to truly make improvements so that your new home becomes your dream home.
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