I've been looking at a lot of homes that are bank owned in the Eugene/Springfield, OR area, and am finding that there are some great homes for sale out there. Some of the homes are very close to qualifying for an FHA loan, and many of them "do" qualify with the help of an FHA rehab loan.
I am seeing homes that would have sold between $160,000 and $170,000 that are now on the market for anywhere from $105,000 to 125,000. The foreclosure market is not going away any time soon, so GET ON YOUR OLD CLOTHES AND BRING YOUR TOOLS.
The FHA rehab loans come in two sizes, the Streamlined 203K rehabilitation loan which allows for up to $35,000 is improvements, and the standard 203K rehabilitation loan which can be used for homes needing more extensive improving. The streamlined is great for a first time home buyer. Check with your lender to see how this can help you buy a home.
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