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Streamline 203(k) Mortgages

Streamline 203(k) Mortgages

FHA's 203(k) streamlined rehabilitation loan. This versatile product, while not designed exclusively for energy purposes, can be used to finance up to $35,000 in energy upgrades to a property. From insulation, windows or solar panels, to a new furnace-virtually any energy feature qualifies. Environmental retrofits such as radon mitigation systems are also eligible under the 203(k) program.

The Section 203(k) program is HUD's primary program for the rehabilitation and repair of single family properties. It is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities.

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Posted by Patrick Canavan - Orange County Real Estate Voice on 08/29/2008 07:24 PM

Comments (12)

real estate, loans, mortgages

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12 Comments on Streamline 203(k) Mortgages

AUG

2008

Hi Patrick - I'm an LO with a correspondent lender up in Ventura County and I'm having a heck of time finding another correspondent and/or wholesale lender who is still doing these loans. Did you have a resource that you can refer to me?

Hi Donne,

I will email you my lenders information.

SEP

2008

Patrick, I'm a HUD correspondent in OC. I'm having a time finding wholesale lenders doing 203k. Do you know who they are? Thanks

I will email you shortly.

OCT

2008

I am in stanton california and became aware of this 203K loan today while in the middle of purchasing an REO w a regular FHA loan. How do i know if the house we are buying is a candidate for this loan or even if we qualify.

Adam_d_spicer@yahoo.com

Hi Adam,

I am going to email you a PDF regarding the 203K. It will actually have everything you need to know about FHA.

DEC

Patrick,

I'm thinking we will probably be doing more activity with damaged homes in our market and the 203K looks like a good option.

What kind of timing are you seeing in your market from having a signed contract to actual closing for your 203K products?

Thanks for your post.

Regards,

Jon Boyd

John - You will need at least 45 day Escrow. Give everybody time to get quotes , appraisals etc...

JAN

Hi Patrick,

What are the limitations on this type of loan. we have been buying homes with hard money loans and the rates are high. As of Jan. 1st individual can have get only 4 residental loans at a time on properties with 1-4 units. does this loan have the same restrictions.

Thank you for all your help. Also, do you do these loans for properties here in Los Angeles?

Bret

Hi Bret,

What is your email? I would like to send you the information you need. Or you can email me your information to

Patrick@EnterYourDreamHome.com

Hope to talk with you soon.

Patrick.

MAR

FHA loans are for owner occupied only so multipe 203k loans is not going to happen guys. Sorry. I've have a list of wholesale lenders on my site then to 'helpful links' if you still need some contact names.

MAR

Thanks very much mike - I will take a look at your site.

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