FHA Loan – Streamline loan widens access to FHA financing
If you are a homebuyer looking to take advantage of today’s amazing home values using an FHA (Federal Housing Administration) loan, buying a home can seem impossible.
Buyers using FHA financing not only have to find a home that they like, but most people think it will have to be up to FHA standards as well.
Many homes on the market have damage: missing cupboards, holes in the drywall, sometimes even broken windows or missing appliances.
An FHA homebuyer may walk in, look around and sadly walk out, thinking that there is no way to buy this house.
The good news is that this is not true.
It is a common misconception that a house must be in good or even great condition for the FHA to finance the house.
In fact, the FHA has programs designed specifically for houses that are in need of repairs or upgrades.
One of these programs is the FHA 203(k) “Streamline” loan. This versatile loan product allows homebuyers to purchase a house and finance any necessary repairs into the mortgage loan.
This allows homebuyers to view a house not as it is, but as what it could be.
Do you love the house but hate the kitchen and want it completely remodeled? Maybe the house is in need of carpet and paint, but you just won’t have the money for that when you move in. Or perhaps the house is in good shape but you would like to replace the windows with more energy-efficient double-pane, vinyl windows and replace the old dishwasher and range.
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