How to Fix Up a Long Beach Bank Foreclosure Home
With all of the bank foreclosures out there for sale now, finding solutions for purchasing these properties has become a priority. FHA has introduced a program called the 203K streamline program. Like the house, hate the kitchen? Bathrooms outdated, but you LOVE the open family room? How great would this place look with travertine floors?!? Previous owners not the best at caring for their pets….it would need all new carpet/flooring? Previous owner took all the appliances and light fixtures when they left….now what?
FHA’s 203k Streamline Loan Program to the Rescue
If you’ve been looking at Long Beach properties lately….I am sure you have uttered some of these statements…
“I wish this home was upgraded”
“It has a nice floor plan, but the kitchen needs a lot of work”
(or something like it!) during the home shopping process. An FHA 203k streamline may be the answer. It will allow you, the home buyer, to finance up to $35,000 of improvements to the property into the purchase loan. The ability to do this is a huge benefit! Before, the only way was to qualify for a construction loan for the rehab and then arrange for permanent financing. This double-qualification process for financing the property and the repairs was a more expense, lengthier process and since construction loans are much harder to qualify for… it was prohibiting some first time home buyers from getting a good deal on some of these Southern California foreclosed properties.
Not anymore! This loan product opens up doors previously closed to many. Not all lenders have this product, but because I am doing all I can in this unique market to help you get the most for your housing dollar, I have a lender on my team that does!! Now is the time to buy while prices are low and interest rates are at their lowest levels in quite some time. This will allow you to make the most out of your purchase….and make that house a HOME for you and your family.
If you would like me to modify your current housing search to include properties that you might be able to utilize this program on, simply let me know and I will do that for you immediately. If you would like more information on the 203k streamline loan specifically, please contact Tammy Howard at Allied Home Mortgage Capital Corporation. Her email is [email protected] . Or you can reach her via telephone at (714) 392-3658.
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