Fixing up Foreclosures - The
How to use the FHA 203k Loan Program
Many people are buying inexpensive foreclosures, but sometimes the homes need a lot of work and
buyers just don't have the cash to make the repairs.
There is a way for buyers to get money for the repairs. Get the details on how the FHA Streamline
203k loan program works.
There are a number of home improvements that can be under the FHA 203k loan program. Here are
some examples (SOURCE: US Department of Housing and Urban Development):
- Roofs, gutters, and downspouts
- HVAC systems-heating, venting and air-conditioning
- Plumbing and Electrical
- Minor kitchen and bath remodels
- Flooring: Carpet, tile, wood, etc.
- Interior and exterior painting
- New windows and doors
- Weather stripping and insulation
- Improvements for persons with disabilities
- Energy efficient improvement
- Stabilizing or removing of lead paint
- Decks, patios, porches
- Purchase of new kitchen appliances/washer/dryer
The FHA 203k streamline loan program is one of the best programs for buyers looking to do repair work on a
A buyer purchasing a foreclosure can take advantage of this program by rolling in the
cost of the repairs or new applicances and carpet into their loan rather than paying for these items on a
credit card or using their own cash.
Apply for you FHA 203k Loan