203K & 203K Streamline Mortgage…What’s the Difference?
The 203k streamline mortgage is not the same as the 203k mortgage. The FHA 203(K) Streamline obtained its name because it simplifies the loan process by not requiring the extra cost and details found in its counterpart, the FHA 203(K) loan. Eligible Borrowers This loan program is available only to people who plan to use the properties for which they are getting the loans as their primary residences. If a current homeowner needs to rehab his existing home, he can use this program. Nonprofit organizations can also qualify for this loan program. It is not available to investors who will not be living in the property. Eligible Properties The program is focused on single-family, owner-occupied properties, but it is not limited to those. Homeowners can also use this...
Read More203K Loan Requirements
An FHA 203k loan can be an excellent option for anyone looking to purchase and rehabilitate an older house, or for those looking to refinance and/or remodel their existing home. Before embarking on the application process for one of these loans, however, it is important to know the ins and outs of 203k loan requirements. An awareness of the qualifications for loan eligibility can better prepare potential borrowers to meet with lenders and contractors. 203K Loan Requirements : The Basics In a nutshell, a 203k loan is a federally backed construction loan that is overseen by the Federal Housing Association, part of the U.S Department of Housing and Development. The loans aim to improve appearance and livability of single- family homes, or extended family homes of up...
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