Have you wanted to buy a home and finance-in some improvements? Well now is your chance! For years the department of Housing and Urban Development (HUD) has offered the FHA 203k FHA rehabilitation program. As the mortgage industry expanded in the early 2000′s FHA simply became less desirable as other lenders offered programs that were more affordable. However, we now stand in a market heavily saturated with FHA loan applications.
The FHA 203k streamline rehabilitation program allows a borrower who is purchasing or refinance to include cosmetic improvements in the loan. I’ve heard hundreds of clients say, “this house is perfect, it only needs some cosmetic TLC”. The problem is the money may not ever be available for them to actually complete the improvements. The FHA 203k rehabilitation loan can be the answer for many of these buyers looking to put a little money towards improvements during a purchase.
Improvements of the property cannot alter the structure of the home (i.e. moving a doorway or tearing down a wall), but can include many updates that include: appliances, flooring, paint, windows, etc.
The key to this program is being completely educated on the process. Not only do you need to understand how the financing program works, but you also need what improvements will actually raise the value of your home. Working with a knowledgeable Realtor will help you in determining the potential for work to be done.
I will soon have a detailed description of this program on my blog. Please contact me today if you might be the slightest bit interested in learning more – 503.798.9183 – email Conrad.