FHA Streamlined 203 (k) Loan makes it easy to buy fixer uppers.

Have you been approved for an FHA loan but all the houses you have been seeing just seem to need a lot of work. Then it is time for you to go back to your loan officer and ask if you might be able to qualify for the FHA Streamlined 203(k) loan.

This loan keeps you from having two separate loans on your new home, no more short term loans to pay for repairs at an interest rate you don't even want to think about. As always there are rules and regulations on what repairs qualify, so you will have to work closely with your realtor, inspector and loan officer to make sure that this is going to work for you. But you could receive up to $35000 in additional loan money to improve or upgrade your new home before move-in. All combined in your original mortgage loan at the interest rate you applied for.

So give your favorite loan officer a call and see what they can do to help you. As you know our favorite loan offiers are Jay Gilmore with W.R. Starkey and Sarah Nelson at Wells Fargo Bank, Boerne. So give one of them a call or someone you know and trust.