Features of the Fha 203k Streamline Refinance Loan

by | Jan 24, 2011 | 17, 18, 19, 2, 3, 4, 5, 8, Articles

<h2 style="margin: 10pt 0in 0pt"><font size=&quot;3" color="#990000">Features of the Fha 203k Streamline Refinance Loan</font></h2><p><span style="font-size: 10pt; line-height: 200%; font-family: ‘Verdana’,’sans-serif’; letter-spacing: 1pt">The FHA 203k Streamline program has gained popularity recently because of the amount of foreclosed homes that are being purchased are in need of repair.<span>  </span>The FHA 203k streamline program can be utilized both as a FHA refinancing option as well as a FHA new home purchase option.</span></p><span style="font-size: 10pt; line-height: 200%; font-family: ‘Verdana’,’sans-serif’; letter-spacing: 1pt"><p style="margin: 0in 0in 0pt" class="MsoNormal">An increasing number of foreclosed homes are using the popular FHA 203k streamline program due these homes needing repair. It is available for either a new home purchase or a refinance.</p><p style="margin: 0in 0in 0pt" class="MsoNormal">The FHA 203k Streamline is a different from the standard Section 203k loan due to it only permitting repairs costing a minimum of $5,000 up to a maximum of $35,000. Thus, the total mortgage loan will permit for property acquisition with up to $35,000 of the loan proceeds to be applied toward repairs or property rehab.</p><p style="margin: 0in 0in 0pt" class="MsoNormal"> </p><div style="text-align: center"><object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="282"><param name="movie" value="../images/banners/3b.swf" /><param name="quality" value="high" /><param name="menu" value="false" /><param name="wmode" value="" /><embed src="../images/banners/3b.swf" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="282"></embed></object></div>  <p style="margin: 0in 0in 0pt" class="MsoNormal">Some of the more common repairs completed using the FHA 203k Streamline program include:</p>  <p style="margin: 0in 0in 0pt" class="MsoNormal">• Repair rain gutters and downspouts</p><p style="margin: 0in 0in 0pt" class="MsoNormal">• Repair/upgrade of existing HVAC systems</p><p style="margin: 0in 0in 0pt" class="MsoNormal">• Minor repairs of plumbing and electrical systems</p><p style="margin: 0in 0in 0pt" class="MsoNormal">• Minor repairs of existing flooring</p><p style="margin: 0in 0in 0pt" class="MsoNormal">• Minor remodeling that does not involve structural repairs</p><p style="margin: 0in 0in 0pt" class="MsoNormal">• Exterior and interior painting</p><p style="margin: 0in 0in 0pt" class="MsoNormal">• New appliances – items such as free-standing ranges, refrigerators, washers/dryers, dishwashers and microwaves but may not be greater than $2,000</p><p style="margin: 0in 0in 0pt" class="MsoNormal">• Improvements for people with disabilities/handicaps</p><p style="margin: 0in 0in 0pt" class="MsoNormal">• In addition to the FHA 203k streamline program, there is a FHA 203k standard program — which will allow more than $35,000 to be used in repairs but requires more “major” work.</p>  <p style="margin: 0in 0in 0pt" class="MsoNormal">The FHA 203k standard includes work such as Structural improvements including room additions, re-wiring, major landscape work, patios, decks, terraces, energy conservation improvements, steel insulated exterior doors, rehab or improvement of a detached garage..</p><p style="margin: 0in 0in 0pt" class="MsoNormal">Some highlights of the loan include:</p><p style="margin: 0in 0in 0pt" class="MsoNormal">The borrower is allowed to finance six months of payments into the loan</p><p style="margin: 0in 0in 0pt" class="MsoNormal">Up to six percent of seller contributions are allowed on purchase loans.</p><p style="margin: 0in 0in 0pt" class="MsoNormal">As you can see these are some very attractive loans for homebuyers as well as existing homeowners when a property needs a little rehab.</p><p style="margin: 0in 0in 0pt" class="MsoNormal"> </p><div style="text-align: center"><object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="282"><param name="movie" value="../images/banners/12a.swf" /><param name="quality" value="high" /><param name="menu" value="false" /><param name="wmode" value="" /><embed src="../images/banners/12a.swf" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="282"></embed></object></div>  <p style="margin: 0in 0in 0pt" class="MsoNormal"><strong>About the Author</strong></p><p style="margin: 0in 0in 0pt" class="MsoNormal">Mario is an avid investor in real estate. He and others suggest borrowers look for FHA Jumbo Loans and </p><p style="margin: 0in 0in 0pt" class="MsoNormal">comparing FHA Mortgage Lenders from trusted companies in your area.</p>  <p><span style="font-size: 10pt; line-height: 200%; font-family: ‘Verdana’,’sans-serif’; letter-spacing: 1pt">Article Source: <a href="http://www.articlesbase.com/mortgage-articles/features-of-the-fha-203k-streamline-refinance-loan-719153.html">http://www.articlesbase.com/mortgage-articles/features-of-the-fha-203k-streamline-refinance-loan-719153.html</a></span></p><p><span style="font-size: 10pt; line-height: 200%; font-family: ‘Verdana’,’sans-serif’; letter-spacing: 1pt"></span></p></span>