Bank Repossessions
HEADACHE OR FIND OF THE CENTURY
FHA 203K Streamline - Help With The Repairs
Have you taken a look at some of the homes that have been taken back by the banks? Some of them need minor work like painting, or may need all new flooring and appliances, or perhaps the house should be bulldozed leave one wall and rebuilt.
How can you afford the down payment closing costs AND repairs? The solution is a new loan product that was introduced in September. The 203K FHA Streamline is offered through Guild Mortgage. This enables a buyer to purchase a repossessed home with 3.5% down (in January 2009 it increases to 3.5%) and the buyer can include up to an additional $35,000 in repairs. This program is designed to facilitate uncomplicated rehabilitation and or improvements to a home for which plans, consultants, and engineers are not required by the lender. Repairs up to $15,000 do not require an inspection by the lender.
Because this is a FHA program FICO's may be as low as 580. Examples of repairs or improvements allowed:
Repair/Replacement/Upgrade of plumbing, electrical and or HVAC Systems
Painting, Both Exterior and Interior
Purchase and Installation of Appliances, including free-standing ranges,
Refrigerators, washer/dryers, dishwashers and microwave ovens
Repair/Replacement of Flooring
Minor Remodeling, such as kitchen updates that do not include structural
Repairs
Lead based paint stabilization or Abatement of Lead Based Hazards
Septic System and or well repair or replacement
The key in getting a "great deal" is first getting pre-qualified through Guild Mortgage. Obtaining underwriter approval can make a huge difference when you are putting in your offer to purchase these homes. For more details on this program call Guild Mortgage at
642-4200 or 877 994 - GUILD.
Rates fluctuate each day a minimum of once per day and may change frequently throughout the day, dependent on the economic news.
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