203K – Is it for Me?
“Fixer-Upper” What does that phrase really mean? By definition: Noun 1. fixer-upper – a house or other dwelling in need of repair (usually offered for sale at a low price) Some people shy away from these types of listings because they do not have funds available up front to complete repairs and renovations. Sometimes, repairs and renovations are required for the house to even be habitable. If you have found a fixer-upper that you are interested in purchasing, but don’t have the cash to remodel it; consider the 203(k) mortgage program. What Exactly Is It? The Federal Housing Administration’s rehab loan product, the FHA 203(k) loan, was designed for individuals who want to rehabilitate or repair a damaged home so they can live in it as their...
Read MoreA Run Down Of HUD’s 203k Streamline Mortgage
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...
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