Many people look at homes that are short sale or bank owned and are worried about having the money to make some of the repairs to the home after purchase.  There may be a solution for you with the 203K streamlined rehab loan.

The 203K Streamlined loan follows FHA guidelines and gives potential homeowners an affordable solution to purchasing a home that requires from $1000 to $35,000 in repairs by financing the cost of the repairs.  Here is an idea of items that can be repaired with the 203k streamline loan:

  • Repair gutters, and downspouts.
  • Replace Roof (if it’s a tear off)
  • Weatherize (insulation, windows, doors, weather-stripping)
  • Interior and Exterior Painting
  • Repair or Replace existing heating, ventilation and air conditioning systems
  • Minor remodeling (no structural repairs)
  • Repair or replace flooring
  • Repair or replace plumbing and electrical systems

So if you are looking at homes that need repair, don’t rule a home out just because it needs some repairs that may be out of your budget after close.  Talk to your lender about the 203K Streamline loan.  It could be a great option for you.

If you don’t have a lender, email me!  I can give you a name.