FHA Loans Oregon

What happens if you find that perfect home to purchase and it isn’t quite perfect as it sits? What happens if the bank owns the home and they won’t put another nickel into the property? Or if the seller is not getting anything out of the sale and can’t fix the heating system? What happens if you can’t get the home financed because it needs a new roof and you lender says it isn’t financeable the way it sits. Well, run into the phone booth and change into your 203k Streamline cape and tights, because “Super Streamline” is here to save the day.

The FHA 203k Streamline is perfectly designed for these circumstances. As long as the repairs are less that $35,000 (actually $31,227) and can be accomplished in less than 3 months after closing, and are not landscaping, foundation or major remodeling, and it is for your personal residence, it is the right program for you.

The 203k Streamline allows all kinds of repairs and remodeling to be done after closing. The lender holds the money in an escrow account and pays the contractors after the work is done. Please follow these steps when getting a 203k Streamline loan.

1. Find a loan officer that has done FHA 203k loans. Listen to what they tell you. Follow their instructions.
2. Find a Realtor that is working for you. Tell them what you are looking for.  Make sure the Loan Officer and the Realtor are working together.
3. Be prepared to do some leg work for estimates, contracts, etc.

If you follow these instructions, FHA 203k Streamline loans can be fairly easy. If you don’t, they can be very hard. Deal with professionals. Don’t try to short yourself. If you have questions about this process or any other part of the buying process, give me a call at 541-342-7576/541-221-3455 Cell or e-mail me.