FHA 203K Streamline Rehab Loan--Tampa/PascoCounty/Wesley Chapel
FHA's 203K program is making a strong comeback...lenders are realizing with HUD's backing this will become a strong niche in the market. We submitted six 203K packages since March 2nd. It's not simple and quick...but's it's an excellent product for a buyer looking at a foreclosed property.
Simliar to the realtor's role in submission of a short sale proposal, the presentation to the lender is key to the success of a closed loan.
A few tidbits regarding the FHA 203K Streamline Rehab Loan
- Borrowers can combine the purchase of a home along with the costs of the improvements into a single loan
- FHA guidelines apply
- Borrow against the value of the home after improvements
- Owner-occupied 1-4 unit properties; including Condos and PUDs
- Property must be at least 1 year old
- Can be used with the HUD REO Programs, EEM Mortgages and Good Neighbor Next Door Programs
- Work can be completed by contractor or borrower
- Initial draw of 50% for repairs is disbursed at closing
- Borrowers can borrow up to $35,000 for improvements
FHA 203K Streamline Rehab Loan is a product that potential home buyers should consider!
This is just a brief snapshot of a FHA 203K Streamline Rehab Loan...
For additional and more specific information please contact us.
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