 jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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 Posted: Thu Jun 11, 2009 3:22 am Post subject: |
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Hi justjessica,
FHA 203k Streamline loans are good options for the buyers looking to purchase homes in need of some repair. You can finance repair costs upto $35,000 and include it in the original mortgage thereby eliminating the need for a second mortgage. The interest rate will be same as applicable on other FHA loans. I think you can seek a no-obligation free mortgage consultation with the community lenders. They will assess your financial situation, credit score etc and will be able to tell you if a streamline 203k loan would be useful in your situation. They will also assess your requirements and suggest you what other type of loan you may qualify for to carry out the remodeling of the house. |
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