February 17th, 2011 6:14 PM by Teresa Molina
Are you a buyer that has viewed a property that isn't move in ready? Or maybe it is ready to move into, but it could use new windows? If this is a situation you have been in, there is a solution for you. The Streamline FHA 203K Rehabilitation Loan could be your answer.
This loan can give you the funds you need to repair/replace a roof, rain gutters, existing heating, plumbing, electrical, flooring, windows, doors, painting, purchase of appliances just to name a few. Most improvements are eligible provided they add value and are permanently affixed to the foundation. Luxury items are not allowed.
Construction must begin within 30 days of the loan closing and the cost of the labor can be included in the loan. The appraiser completing the appraisal will give the property an "as completed" value.
Once the work has been completed, the appraiser or inspector will come back out to confirm that the work has been completed in a workmanship manner before any fund are disbursed.
These are just a few of the highlights of the loan program and I will be happy to answer any questions that you may have.
I hope you find this information useful!