Looking for a deal on a home? Would you like to buy a home and have not only instant equity, but new carpet, furnishings, appliances and more?
Of course, the answer is YES. Well, you can have all this and more when you purchase certain homes using an FHA 203(k) Streamline loan.
To be brief, a 203(k) streamline loan allows you to purchase a home and finance certain items needed to rehab the home at a low interest rate. This could be of value if you are thinking of purchasing a foreclosure through a bank or HUD, or even a house that the owners will not or cannot make repairs needed to pass an FHA inspection appraisal.
Keep in mind that since it is an FHA loan, it will need to be owner-occupied. It cannot be used to rehab a rental property or a flip.
Some of the things that you can finance along with the purchase include:
- Minor remodeling, such as kitchens, which does not involve structural repairs
- Painting, both exterior and interior
- Weatherization, including storm windows and doors, insulation, weather stripping, etc.
- Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
- Accessibility improvements for persons with disabilities
- And much more…
If you need more information, visit my website page for the FHA 203(k) loans here.
Scott
Your Indiana mortgage expert specializing in FHA, VA, 203(k) rehab loans and USDA Rural Development loans.
