Our federal government offers a low-down payment solution titled FHA 203k Streamline mortgage that can be used to purchase and rehab, or refinance rehab, residential 1- 4 unit properties. Mortgage friendly FHA 203k for single family 1-4 unit rehab property opportunities are just what this real estate market needs.  Help is here to grow homeownership and revitalize neighborhoods.

Due to the last couple years the real estate housing market inventory has increased. Many of the homes need improvements, while others sit vacant in need of repair. Consumers need to be aware of the opportunity that awaits them. They should not pass up buying or selling a home because it needs improving. Of its many benefits, FHA 203k rehab is  only one loan for purchase or refinance, including improvements. It is unlike traditional rehab loans.

Traditional loans require improvements to be made before a long-term mortgage loan is obtained. Traditional rehab requires two loans: One loan for the property and one for the improvements. Upon rehab completion a traditional permanent mortgage is created to pay-off the property (acquistion) and repair (construction) loan. Often these two traditional loans involve higher interest rates during their brief pay-off period.

The FHA 203k Streamline loan addresses this problem by offering one loan, at a long-term fixed, or adjustable rate, to finance both the property and the repairs. It allows homebuyers to buy real estate owned (REO) fixer-uppers that lenders offering traditional loan products wouldn't repair.

This special government program has supplied current owner occupant homebuyers with funds to purchase their first home, or rehab the current home they live in. The loan is available to owner occupant home buyers of all income levels and current homeowners.

Repairs and improvements include a minimum of $5,000, and a maximum of $35,000. Some HUD - FHA 203k approved repairs include: Roofing, gutters & downspouts, septic, windows, doors, insulation, furnaces, air conditioning units, plumbing, electrical, appliances, kitchen and bath remodels, flooring, painting and energy efficient improvements. Call an FHA lender for further details or go to: http://www.hud.gov/offices/hsg/sfh/203k/203kmenu.cfm.

This is an important opportunity for consumers and communities to help our nations homeownership and give new life to our neighborhoods.