Of the many options you have when it comes to getting a home loan, Neighborhood Loans would like to take a moment and explain the FHA 203k Streamline Mortgage Program. Much like the standard FHA 203k Mortgage, the FHA 203k Streamline Mortgage allows you to purchase a home that requires some repair work with additional funds available to perform said repairs. The main difference between the two is that the Streamline combines the home loan and the home repair loan into one monthly payment, thereby making your monthly budget planning much easier.
- The FHA 203k Streamline Mortgage is available in ARM and FRM
- It also offers up to $35,000 for repairs
- Home appraisal help is available with the FHA 203k Mortgage
- Home inspection assistance is also offered with this mortgage program
- Lastly, you as the Borrower are allowed to choose the repair firms
While it may seem like a beneficial choice, the FHA 203k Streamline Mortgage can still require a lot of your work on your part before and after you qualify. To learn more about the specifics of the FHA 203k Streamline Mortgage, call one of the professional mortgage bankers here at Neighborhood Loans today and they’ll help you learn everything you need to know.