Wednesday, June 10, 2009

Fixer Upper Not a Bad Thing Anymore




Fixer-uppers used to be the buzzword for the fix and flip crowd. Now fixers can offer an opportunity for many home buyers and FHA lending is here to assist.
Courtesy of Mercy Lebag at Homestreet Bank in Maui here are
the details for the
FHAStreamline Renovation Loan-the FHA 203k:

· Get up to $35,000 of loan proceeds to make needed upgrades or repairs.
· The appraisal and loan amount are based on value after completion of repairs. The loan closes before the work begins.
· The buyer has up to six months to complete the repairs or remodeling.
· The funds can be used for a variety of repairs and improvements, from roofing to flooring to appliances-virtually anything but furniture.
· Down payments as low as 3.5%.
· Less stringent qualifying requirements than conforming loans.
This can get a first time home buyer into a great home for a price they can afford and then they don't have to worry about the cost to fix up as many are on a tight budget already.
Other buyers who have just enough for closing, but still dream of that upgraded kitchen/bath the opportunity is here.
For further questions please email: FineIslandProperties@gmail.com and be sure to visit our website to search the Maui MLS & Mores at http:www.FineIslandProperties.com

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