Ric & Pamela Dizon

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FHA Streamline 203K, Antidote for Visually Challenged Homes

ADDED January 5, 2011 1 COMMENTS
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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!FHA Streamline 203K, Antidote for Visually Challenged Homes

 

  • 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.

 

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One Response to “FHA Streamline 203K, Antidote for Visually Challenged Homes”

  1. February 15, 2012 at 6:30 pm, Buying & Selling a "Green" Orange County Home said:

    [...] features in homes for sale, so home sellers and remodelers should take note of these statistics. Renovation work has also increased in recent years, most likely due to the shifting economy, and builders report [...]

    Reply

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