FHA Streamline 203K|Rehab Loan Helps Sell Scratch & Dent Properties

The FHA 203 K streamline is back in our arsenal of mortgage programs.  Until recently there was just one investor in town offering the 203K.  That has changed.  Out of necessity, there needs to be a program that will allow qualified borrowers to obtain financing for properties that need a little bit of work. Many of the bank owned foreclosures are in need of some repair work. The regular 203K (which allows for major rehab in exess of 35K) isn't something I have access to with the investors I work with.  Trying to find that loan has proved to be impossible.  It may exist for Minnesota properties, I just haven't run across it. 

Rather than write out all the nuances of the FHA 203K streamline loan, I decided to create a power point.  You can view the particulars of how the program works at:

http://www.slideshare.net/mnguru/fha-streamline-203klight-rehab-loan-presentation/

RE: FHA Streamline 203K|Rehab Loan Helps Sell Scratch & Dent Properties

I agree that the FHA 203K is a great program for home owners!

The agents I work with are constantly talking about all of the great deals their buyers are getting.  Most of these deals (Bank REOs) need some work.

The calls I get are from investors that do not qualify for the tight guidelines of residential loan programs. (Fannie Mae or Freddie Mac) 

That is why I think commercial loan solutions are the best answer to these real estate investors.  There are no limits on how many properties an investor can finance and no limits on the amount of work the property need.  If the property is boarded or abandoned it doesn't matter.

There are two programs:

PRR - Purchase Rehab Rent

PRS - Purchase Rehab Sale

Both require down payments and proof of repayment.  That goes with out saying but they are pretty easy loans to get.

John, if ever I can help you or your clients feel free to give me a call!

Dax Dickson

612-578-9898