(submitted by one of our uber-agents on the Keith Byrd Team!)
Here is info on a new FHA Loan.
Most banks are not doing this loan, just a select few lenders and as we all know in this REO market the banks want to sell their product “as is” to the buyer and generally are not willing to take care of pest recommendations, let alone new flooring, painting, new appliances, etc.
Name of Loan: FHA Streamlined 203K Limited Repair Program
This is a great loan especially in today’s real estate market. All FHA standards and guidelines apply; it allows buyers to finance improvements/upgrades up to $35,000 into mortgage before move in.
– May be purchase or refinance on 1-4 Single Family Residence
– Fixed or Adjustable rate
– Can be used to update homes, correct health and safety issues or pay for higher cost items such as roofs, disability access improvements, septic system and/or well repair or replacement, exterior wall residing, purchase and installation of new appliances, exterior decks, patios, porches, upgrade of existing HVAC systems, roofs, gutters, and downspouts.
With the new FHA limits of $687,500 this can be used by a lot of buyers.
Contact us for info on what lenders are offering this loan!