Have you been approved for an FHA loan but all the houses you have been seeing just seem to need a lot of work.  Then it is time for you to go back to your loan officer and ask if you might be able to qualify for the FHA Streamlined 203(k) loan. 

This loan keeps you from having two separate loans on your new home, no more short term loans to pay for repairs at an interest rate you don't even want to think about.  As always there are rules and regulations on what repairs qualify, so you will have to work closely with your realtor, inspector and loan officer to make sure that this is going to work for you.  But you could receive up to $35000 in additional loan money to improve or upgrade your new home before move-in.  All combined in your original mortgage loan at the interest rate you applied for. 

So give your favorite loan officer a call and see what they can do to help you.  As you know our favorite loan offiers are Jay Gilmore with W.R. Starkey and Sarah Nelson at Wells Fargo Bank, Boerne.  So give one of them a call or someone you know and trust.

 

 
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4 Comments on FHA Streamlined 203 (k) Loan makes it easy to buy fixer uppers.

NOV
03
112,663 Points 4 Featured Posts Outside Blog

This is an awesome program!  I love it and it is cool to have a way to market less than stellar properties that with a little work could be awesome!  Thanks for the post! :o)

4:01pm • #1
Outside Blog

Its sad more agents don't use this.  We do a lot of foreclosure work, and they often need repairs, but we can't get agents to use the 203(k).  Lazy.  :)

4:31pm • #2
230,464 Points 1 Featured Post Localism Sponsor Outside Blog

Amy that is some good an interesting information. I am going to bookmark this one.

5:36pm • #3
415,660 Points Localism Sponsor Outside Blog

Howdy there Amy

Mighty fine info, you have posted. Just like Carl and Ceil, I'll be bookmarken this post.

Baker Home Commercial Properties Inspections and Consulting AR Signature

10:21pm • #4

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Amy Boehm

Boerne, TX

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Keller Williams Realty - Boerne Hill Country

Office Phone: (830) 428-8106

Cell Phone: (210) 260-5539

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