FHA Streamline 203K, Antidote for Visually Challenged Homes

Here's the cure for those homes for sale that are ugly...err...visually challenged. This FHA loan can help a buyer alter the appearance of any home, inside and out!

* Up to $35,000 for repairs and rehab (simple / non-structural)
* Additional $2,000 allowed for energy efficiency items (windows, etc.)
* Final loan amount is limited to 110% of after-improved value
* No FHA consultants required
* Less than $15,000 in repairs -- no final inspection required
* Not limited to FHA required repairs
* Replace ugly paint, flooring, windows and buy new appliances!
* Work must be completed by licensed contractor(s)
* No minimum repair cost
* Work must be started within 30 days after closing
* Work must be completed within 6 months after closing.
* Contractors will be paid in two installments - 50% upfront with final payment at completion.
* 10% contingency may be required

Buyer's process will go like this:
* Get a home under contract.
* Identify desired/necessary improvements.
* Get bids and homeowner/contractor agreements from contractors.
* Lender provides list of repairs and bids to FHA appraiser.
* FHA appraiser determines after-improved value.
* Loan is underwritten and closed.

Call us with any questions. We would love to be of service! - created at http://lapalmahomefinder411.com

1. By: LaPalmaHomeFind...
2. Categories News & Events
3. Views 9
4. Added :08-Jan-11
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