What is an FHA203k streamlined loan, and why should I know about it?
If you are out looking for a ‘deal’ in today’s home shopping marketplace than you need to hear about the FHA203k streamlined loan program and what is different about it from the 203k REHAB loan process. Check this out- Unlike FHA’s full 203k rehab loan program the streamline version eliminates a lot of the paperwork needed to obtain rehab funds. Also the guidelines were recently updated to allow for roof work to be included. This is no longer considered a major structural repair!
This is great news!! If you have looked at homes and the main issue has been roof- along with minor touchups and honey do items but it was the roof that held you back- no more!!
The FHA Streamline 203k program allows you to purchase a home in need of light cosmetic updating (now to include roof work)..and avoid the hassle of two loans, the way it used to be. The Streamlined process allows you to write the contract for the FHA 203K loan via your licensed REALTOR® at the price you are willing to pay; always keeping in mind market conditions and the repairs you need to make to the home. (Your experienced REALTOR® can help you in this part of the process)
Once the contract is accepted- the process takes over and soon you will be closing on your new home and the work you need done will begin and you will have the home you wanted- no muss no fuss!
There are certain restrictions(aren’t there always) so let me get you with an experienced FHA203k lender that can walk you through the loan process while we find the home that fits your needs. Call or Text me today to start the process…
and as always…Happy House Hunting in North Texas. If you need a Realtor to list your current home, or are looking to buy or rent in the North Texas region- Give Dawn a call/text 214-604-4561 at Avery Properties/Avery Realty Group- where Sellers Enjoy 4% Listings and Buyers Enjoy Cash Back!! (ask me how…..)
SOURCE: FHA203k Streamlined Renovation Loan: Home Rehab Made Easy by Leesa Sandoval.