Jaime Charouf Blog: FHA Streamline 203k Program!

FHA Streamline 203k Program!

FHA Streamline 203k Program!

I wanted to make sure you knew about a wonderful loan program that lets homebuyers finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. FHA's Streamlined 203(k) Loan Program helps homebuyers tap into cash to pay for property repairs or improvements, like those identified by a home inspector or FHA appraiser.

Here are some of the eligible repairs and improvements for the 203(k) loan program:

  • Repair or replacement of roofs, downspouts, and gutters
  • Repair, replacement, or upgrade of existing HVAC systems
  • Repair or replacement of flooring
  • Minor remodeling (i.e. kitchen) not involving structural repairs
  • Painting of the interior and exterior
  • Weatherization, including storm windows and doors, insulation, weather stripping, etc
  • Purchase and installation of appliances, including washers and dryers, refrigerators, dishwashers, microwave ovens, and free-standing ranges
  • Accessibility improvements for people with disabilities
  • Repair, replace, or add exterior decks, patios, or porches
  • Basement finishing and remodeling not involving structural repairs
  • Window and door replacements and exterior wall re-siding
  • Septic system or well repair or replacement
  • Lead-based paint stabilization or abatement of lead-based paint hazards (engineer's report required upon completion)


FHA 203(k) loans can be used for purchasing a primary residence or refinancing the rate and term. Cash-out refinances are not allowed.

If you have any clients who you think may benefit from this program, let me know and I'll be happy to review their situation anytime.

Jaime Charouf

EZ Funding Group, Inc.

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Jaime CharoufCDPE, REO, Loan Originator, Financial Professional, Broker/Owner

 

 

 

 

     

 

 

 

 

 

 

 

 

 

 

 

 

 

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Comment balloon 4 commentsJaime Charouf • May 04 2011 09:31PM

Comments

Jaime. My wife and I are doing our 1st 203 K loan in years.  It's much easier then it was in the 80'a.  Thanks for sharing this information with you Active Rain Family.

Posted by Michael Ford, Matching Families with Homes (Coldwell Banker Heritage Homes) over 8 years ago

Your welcome Michael, it's the best program on the market now! It's great loan and it allows first time home buyers to be able to purchase an REO that requires work with little money out of pocket...

Please don't hesitate to call me with any questions,

Posted by Jaime Charouf, CDPE, REO Broker/Owner (EZ Realty & Investment Group | EZ Funding Group, Inc.) over 8 years ago

Jaime - FHA streamline 203k program can help many people buy homes. Thank you for the detailed quality information FHA streamline 203k program.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) over 8 years ago

Your welcome, John...not many Realtors are telling their buyers about this program and it needs to be shared as it brings lots of value to the buyer!

Posted by Jaime Charouf, CDPE, REO Broker/Owner (EZ Realty & Investment Group | EZ Funding Group, Inc.) over 8 years ago

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