Home buyers it's easy to be daunted in your search for that perfect "dream home". Right price, location, size, amenities and whatever else is important to you.  Quite often your search identifies some homes that are"almost nearly but not quite plum" what you are looking for;  They may lack those features or amenites, that if present, most certainly you would say this is it....here's my offer!

Well guess what.....FHA will now allow you to have your cake and.....Eat it too!  What's more is that there are up to 35,000 flavors of icing for you to choose from.....all green in color! :)

So...you have searched and searched some more and finally there is a home in your general price range, right neighborhood, right school district, proximity to shopping and employment.  Well honey, I love it but wouldn't it be just great if....................!

Now lets look at serving up FHA's cake, hot and fresh out of the oven. But now let's choose our icing.......remember...up to 35,000 flavors can be available!

Ron Withers and Town & Country Mortgage Services is very pleased to announce the availability of our FHA 203(k) Streamline Program.  HUD has developed an FHA insured mortgage called the "Streamline (k)"Limited Repair Program that permits home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in.  With this product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.  All standard FHA underwriting guides apply as they do for regular FHA loans in regards to credit, income & asset documentation.

Some quick program highlights include:

• May be used for purchase or refinance of one-to-four single family residences, including HUD REO properties.
• May be either Fixed or Adjustable Rate Mortgage
• Combines the funds to purchase or refinance along with the funds needed to repair/rehabilitate the property
• One closing, with rehabilitation funds escrowed and disbursed as the work is completed
• No minimum threshold; maximum $35,000
• Three months to complete all repairs/rehabilitation
• No additional pricing adjustments

So Ron...you have sparked an interest!  What do we do now?  Well let's start with your homework. After starting your formal process here are so Do's and Do'nts that will help the process to flow more smoothly. Then....

• Select a loan officer/lender/broker
• Get pre-qualified, better yet...pre-approved.
• Get a pre-qualifcation or pre-approval letter from your loan officer.
• Find/Select a Real Estate Agent/Professional
• Organize/list your preferences, (area/location/neighborhood, price range, school district, amenities desired and what ever else in important to you)
• Develop your short list for homes to see. Part A: All those homes that appear to meet as much of your criteria as possible, and Part B: All those homes that would meet your criteria if you were to consider remodeling/rehabilitation ($35,000 or less).
• Work closely with your Realtor

Copyright 2008, Ron Withers,  All Rights Reserved

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