203K Streamline Rehabilitation loans are allowing Ocean County residents to finally take advantage of one of the best ”buyer’s market” in a long time. Whether you are buying in Brick Town, Toms River or Forked River most likely some forclosures have come across your path during your search for the perfect home. If only you had the money to fix it up after you purchase it…..
That is where the FHA 203K Streamline Rehab loan will help make your dream a reality. This loan has all the great features of a regular FHA loan such as low down payments, gift funds as an acceptable source of assets, flexible underwriting guidleines and FICO score requirements along with one other critical component. It will give you up to $35,000 to do renovations to the home after you buy it.
Does the home need updating? A new kitchen? Bathroom? Windows? This loan will allow you to get these item fixed or updated. You can use up to three contractors to do the work and are not required to use a general contractor which will help save money.
If you add in the $7,500 First Time Home Buyer tax credit you could wind up with as much as $42,500 to turn that foreclosed home into your dream home!
So next time you think to yourself “If this home only had _______(fill in the blank)” think about the FHA 203 K Streamline Renovation Loan.
