203K StreamLine Loans for Buying a Fixer Upper Home

Did you know that 80% of homes today are at least 20 years old and could probably use some updating? Have you or someone you know thought of getting this kind of fixer upper in a revitalizing neighborhood but wouldn't have the cash after closing to start the remodel?

A 203K Streamline loan is the product that would allow you as a buyer to roll those remodel expenses right into the note! The 203K is an FHA product and the Streamline portion is meant for homes that don't need structural work...just paint, carpeting, appliances, counter tops or basically aesthetic goodies up to $35K. The bank actually becomes in charge of making sure that the contractors are all FHA approved (so they don't run away with the $) and the remodel time line is followed and not to exceed 4-6 months. Not every lender is willing to take on this responsibility or do this type of loan.

This product is meant for home buyers that intend to occupy the home...not investors.

The intention is to revitalize many of our older neighborhoods and get them healthy again...great idea!

For more information on this loan product and qualified lenders to help you through a wonderful adventure such as this in the San Antonio area go to www.HollyGHomes.com or 210-883-4399 cell.