FHA Loans Oregon

This question was posted on our website recently. It is a complicated question with a very simple answer. If you want to purchase a home that needs some repairs and would like to include the repairs in your loan, the way to do it is with an FHA 203k Streamline. This loan works no matter where you are and is one of the easiest ways to get your home in tip top shape once you purchase it. The Eugene/Springfield, Lane County Oregon area has some prime properties that this is an exceptional way to advance. Here is the question:

Can A New Home Loan Include The Cost Of Initial Repair?

I’m looking to buy my first house, and I want to seem reasonably intelligent before I sit down with a mortgage broker. If I am interested in purchasing a home in need of a few, minor repairs, can the cost of repairs be included in the home loan? Or, say: for aesthetic purposes, the lawn needs to be sodded…let’s say…to prevent erosion, etcetera. Can that be included in the loan? Or, do both of those instances fall under the category of home equity loans? Ahhh – here’s an additional question: Just for curiosity’s sake, how long must you own a home before you qualify for a home equity loan?

The 203k Streamline allows repairs of about $31,000 to be included in the purchase. (The program is for $35,000 but has a 10% contingency and closing costs and make it just over $31,000 usable.) These repairs can include almost anything except structural or landscaping. That means you can replace the HVAC system, put a new roof on and even buy a new washer and dryer. The program takes slightly longer than a regular FHA loan and has slightly higher closing costs, but overall is very nice to work with to get things done that otherwise are not being done by the seller. In many cases this is due to the seller not having enough equity in the property to do specific repairs.

If you are in the market to buy a new home in the Eugene, Springfield, Cottage Grove, Veneta, Creswell, Junction City, Florence or Harrisburg area and have found one that needs some repairs to make it what you want, talk to me (Fred Chamberlin) about an FHA 203k Streamline. If, however, you have found a home that needs a complete makeover, the full 203k may be right for you. You can reach me at 541-342-7576/541-221-3455 cell or e-mail me. Alpine Mortgage is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401.