Tuesday, June 30, 2009

FHA Gets it right with the 203k(s)

FHA has finally gotten in right. The new FHA 203k streamline limited repair program allows buyers to purchase a home and add up to $35,000 in simple repairs. Now FHA defines simple repairs as repairs that do not displace the home owner during the repair period. In addition, the new 203k(s) allows the buyer to finance appliances.

This is great news considering the level of inventory that consists of Forclosures and REO's. There are no hits or increases to the interest rate. I think this is one loan program that will find it's niche.

Let me know what you think

Jim McLendon
McLendon Mortgage

1 comment:

  1. Thanks for this good & excellent work. you should have to continue it forever.....

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