The FHA 203k streamline program was designed for people who are interested in buying a home that is in need of a few repairs that are not "structural" and would require major work. The FHA 203k program is designed for homes in need of major work, the FHA 203k Streamline is just designed for work like carpet, paint, kitchen, gutters, etc. Here are the most common FHA 203k Streamline … [Read more...]
FHA 203k Streamline: How Do Payments Work?
When getting an Arizona FHA 203k streamline loan one of the more popular questions I am asked is "how does the payment process work?" and when outlined, it isn't all that complicated (or at least it doesn't seem like it...) With the FHA 203k streamline program the repair funds are held in escrow by the lender - and the borrower has 3 months from their closing date to complete all of the work on … [Read more...]
FHA 203k Streamline: Contractor Requirements
When using the Arizona FHA 203k streamline to finance your home, you will usually need to get a contractor to perform the work. The general process of finding a contractor and working with the lender and contractor looks like this: Lender reviews the contractors license, bonding, insurance and credentials Contractor estimates and provides the lender estimates that clearly state the nature … [Read more...]
FHA 203k Streamline: Why Choose The FHA 203k Streamline?
As more and more bank owned properties are bought here in Arizona, many people are starting to become aware of the various loan programs designed for homes that are in need of repair. The most popular ones are the FHA 203k Streamline, the FHA 203k loan and the Fannie Mae HomePath loan programs. When it comes to the two FHA loan options, many people ask me "why would someone want an FHA 203k … [Read more...]
FHA 203k Streamline or HomePath Renovation Loan: Which Is Best?
We get plenty of people asking us questions here and from time to time, we get so many questions about a particular subject, we turn it into a full-blown post because it is popular enough that everyone wants to know about it. Today's question comes from a question someone submitted asking about buying a house that "needs a little work" and what kinds of loan options there are: I am hoping to … [Read more...]