FHA 203(k) Streamline Loan Program Now Available

Breaking News!! Allen Tate Mortgage is pleased to offer the FHA 203-K Streamline Loan. It’s designed to help qualified borrowers purchase or refinance a home that needs non-structural repairs, and finance the cost of those repairs through the mortgage. It is only available for owner-occupied primary residences, and a minimum down payment of 3.5 percent is required.

A one-time close allows the borrower to finance up to a maximum of $35,000 to make
improvements. A minimum of $5,000.00 repairs is typically required to be eligible for this loan. Work must begin within 30 days of execution of the rehabilitation agreement at closing. Rehabilitation funds are escrowed and paid out to the customer and contractor jointly as work is satisfactorily completed. A specific time frame for completion of the work is noted in the agreement at closing. HUD requires all work to be completed within six months.

For more information, please email, call, or text me today! This is a fabulous opportunity for someone to buy a home that needs some work, but not have to pay for it out of pocket. A new HVAC, a new roof, even appliances can be purchased through this program. Some limitiations do apply, but don't you owe it to yourself to check it out?