Longwood Gardens Flowers & Streamlined FHA 203(k) 8/18/11
What is a Streamlined FHA 203(k) mortgage?
The Streamlined program is for the purchase of a home that has limited repairs that require relatively little expertise to manage.
There is no consultant managing the project and that expense is saved. Instead, this program is designed for a project where the home can be occupied immediately after settlement and the contractor will receive a single payment at completion.
Advantages of the Streamlined FHA 203(k) program
It is quicker and easier to obtain than the normal full FHA 203(k) loan.
The repair budget can go up to $35,000. With a 15% reserve, as a practical matter, the program works best when the cost of repairs does not exceed $30,000.
The Streamlined program requires less documentation than a full FHA 203(k) loan that would cover more extensive repairs or renovation.
One of the most important factors is that this program can save a transaction that might not be completed because of the needed repairs or renovation. A typical situation for a good fit would be a home with an ideal floor plan but a kitchen that needs renovation.
Longwood Gardens - Dolores and I enjoy frequent visits to Longwood Gardens in Kennett Square, Pennsylvania. Encompassing more than 1,077 acres, Longwood Gardens is a place of unparalleled beauty, offering dazzling displays that elevate the artistry of horticulture as will as an array of innovative educational programs. You will enjoy the Gardens and the grand Conservatory. www.LongwoodGardens.org
Longwood Gardens photograph by Roy Kelley.