Fixing up Foreclosures - The FHA 203K

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 home.

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