If you’ve been passing up buying a home in Texas because it requires cosmetic repairs and you are lacking the funds for repairs and/or upgrades FHA has a program for you. Not to be confused with FHA’s full 203K program, a Streamlined 203K loan eliminates much of the paperwork and simplifies the process to obtain rehab funds.
How Does a Streamlined 203K Loan Work?
It used to be that you bought a home and then applied for a home equity loan to fix it up, resulting in two loans. But that’s no longer required now that the FHA Streamline 203K is available. A Streamlined 203K loan is figured into the original loan balance, resulting in one loan. It is a fixed-rate mortgage loan. The mortgage balance can exceed the purchase price of the property. Borrowers are not required to hire professional consultants, licensed engineers or architects. The appraiser or home inspector can put together a list of recommended repairs / improvements.
If you are interested in this type of loan please contact me today for more information and to obtain a pre-qualification. There is still time to close and fund before the end of the year and to take advantage of the $8000 tax credit for first time home buyers.
Contact me for more information or to apply
Leesa Sandoval
972-407-7922 or 214-202-0491
