Today's entry serves as a foundation, and it will include a brief description of the FHA 203(k) and FHA 203(k) Streamline home-loan programs and what they provide.
First of all, the application process, terms and interest-rates are all like a traditional loan. The FHA 203(k) and FHA 203(k) Streamline home-loan programs offer single-close loans that allow borrowers to purchase or refinance a home in need of repairs or upgrades. You can even start from nothing and build from the ground up. Both programs are based on the future value of your home. So if you can't afford to pay for your home repair or repairs, this program allows you to finance almost the entire cost of the project.
FHA 203k financing includes every repair from new flooring, windows and roof, to electrical, landscaping and fences. There is so much you can do with these programs, and this blog will cover every aspect and minor detail of the entire process. Stay tuned.
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