Many home buyers who are interested in buying a home that is in need of renovations, remodeling, or repairs may qualify for a Streamline FHA 203k renovation mortgage loan. This loan program allows buyers to purchase the home and make necessary repairs through the use of an escrow account funded at the time of the loan closing. Repairs must be a minimum of $5,000 and must not exceed $35,000. Repairs cannot include structural repairs or additions, but can be used for roofing, flooring, plumbing, fixtures, appliances and many other repairs.
FHA Renovation Loans do carry some additional fess and charges due to the nature of the inspection process and draw schedule. Nevertheless, these can be excellent loans for buyers looking to purchase a home needing some repairs at a discount and building immediate equity.
These are unique elements to this loan, so buyers should consult with a specialist in FHA 203k Streamline loans such as Home Loan Specialists. They can be reached at (832) 286-1600.
