203k streamline Archives - Indiana 203K Mortgages

You Can Buy AND Renovate a Home with One Loan!

Buy AND renovate a home with a 203k mortgage! Because there is much more involved with this loan product than simply “getting a mortgage”; be prepared to be patient. There are a couple of different 203k products: 203k 203k Streamline (aka: Streamline 203k Limited Repair Program) The Streamlined 203(k) loan is the easiest and less costly renovation loan of the two. 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 the 203k refi program. Nonprofit organizations can also qualify for this loan program. *It is not available to investors who will not be living in the property.*...

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...

Fixer Upper? Should I Even Look at It?

You’ve been scouring the real estate books and classifieds. You come across a home that seems perfect…until you see the words… FIXER UPPER. Most would skip right over the listing due to those two little words. Did you know you can finance a “fixer upper” to include most repairs? If you’ve toured homes, you know that houses come in all kinds of condition. Some are move-in ready. They will typically be listed at a higher price. Others may need some work. These houses tend to be priced below the market, reflecting the need for repairs and improvements. For buyers who have the skills and willingness to undertake these projects it presents an opportunity to save money. But there can be one significant obstacle. Can’t pass the...