FHA 203(k) Streamline Loan – Summary

This program allows the buyer to finance up to $35,000 for repairs, remodel, and or upgrades.

Example

Assume purchase price of $200,000. The buyer would like to upgrade the carpet, paint, countertops, and cabinets at a cost of $20,000. The buyer can finance the extra $20,000 into their loan and still pay only 3.5% down. $220,000 X 3.5% = $7,700*. So, instead of $7,000 down payment customer now pays $7,700 BUT has an additional $20,000 for repairs!

*Example was simplified, does not include mortgage insurance calculation, for exact figures contact Rob to work up a loan quote.

Listing Agents

If you have any homes that are not moving due to cosmetic issues such as the need for new carpet, paint, exterior cosmetics, AC/furnace, countertops, cabinets, etc. the FHA 203(k) loan can solve your problem!

Let’s work together to help move your property, contact me to get flyers advertising the FHA 203(k) loan program. Imagine giving potential buyers information on fixing whatever issues your property may have AND the buyer can finance the repairs!

Buying Agents

Have you ever been in a position where your client loves the size and location of the prospective home however just doesn’t like the appearance of the property? How many times would $30,000 for repairs or upgrades solve this problem? Get your buyer qualified for the FHA 203(k) today!