Consider an FHA Streamlined 203K Loan for Buying that Fixer

Chances are you're familiar with FHA's 203B program but not its Streamlined 203K for fixers.

The Streamlined 203K is so much easier to obtain; it requires much less paperwork, and it's a great program for buying homes that need a little work. Lots of first-time home buyers are gravitating toward buying foreclosures, i.e., bank-owned homes, and many of those homes need work. Those homes might have missing appliances or need a new HVAC system -- items that lenders insist the home contain.

So, if you don't have the cash to pay for all that rehab work upfront because all you've got is 3.5% for an FHA down payment, you might want to consider rolling a rehab loan into your purchase loan . . . read more about FHA Streamlined 203K.

More Articles by Elizabeth Weintraub:

• Basics of an FHA Loan
  
• Buyer's Closing Costs
  
• Should You Get an Impound Account?

_{©Big Stock Photo}

Technorati tag: FHA Streamlined 203K