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BUY A FORECLOSED PROPERTY AND FINANCE THE REPAIR COSTS

FHA 203(k) Streamline Purchase Loan Program

The 203(k) streamline loan program offers borrowers the resources to rehabilitate a home that may be in need of repair, either the home that they currently live in, or that special fixer-upper opportunity, without the extra cost or details as found in the regular 203k. One single loan is used to pay for the purchase (or refinance) and the cost of renovating the home. This is a limited repair program that permits homebuyers to finance an additional $35,000 into their mortgage to improve or upgrade their home before they move in. with this, homebuyers can get more cash to pay for their property repairs and improvements quickly and easily. These improvement needs can be suggested by a home inspector of FHA appraiser.

Made available to certain lenders by the U.S. Department of Housing and Urban Development (HUD), the FHA 203(k) streamline program has already provided many buyers with the funds necessary to buy their first home, or greatly improve a current home. The FHA 203(k) streamline loan is available to borrowers of all income levels, to homeowners who plan to occupy the house, and for homes with one to four units.

203K Streamline Eligible Borrowers:
Owner Occupants - Purchase - Refinance
Non- Profits
Investors NOT allowed

Types of 203K Streamline Loans:
30 or 15 year Fixed Rates
One year ARMS

Eligible Properties:
Single family dwellings
Condominium
Townhouse
Mixed Use (Storefront)
1-4 Unit buildings

If this program does not fit your specific needs, we have numerous options that may work for you. There are several new programs for buying and fixing or flipping properties. There are still several programs for investors.

800.709.4168
Brian Pierce

For more information about the 203K program.

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