Salt Lake Homes-The Possibilities of FHA 203K Streamline Financing
ByThe FHA 203(k) Streamline Home Renovation Loan is perfect for those who want to purchase a home but lack the available funds to immediately update and improve the homes appearance. Salt Lake Homes would like to call attention this special program to potential buyers. This government backed loan offers borrowers the ability to finance the cost of updating these homes. The eligible improvements allowed on FHA 203(k) loans are numerous. Such as:
• Repair/Replacement of roofs, gutters and downspouts
• Repair/Replacement/upgrade of existing HVAC systems
• Repair/Replacement/upgrade of plumbing and electrical systems
• Repair/Replacement of flooring
• Minor remodeling, such as kitchens, which does not involve structural repairs
• Painting, both exterior and interior
• Weatherization, including storm windows and doors, insulation, weather stripping, etc.
This loan is not offered directly by the government and those looking to buy homes in Salt Lake City and Utah must go through an FHA approved lending institution, however; not all FHA approved lending institutions are authorized to offer the 203K Streamline. The Federal Housing Administration sets the guidelines and insures the loans.
So, if you see one of those darling Salt Lake or Utah homes that has the charm and potential you are looking for, but needs a little extra fix-up, you may want to consider the FHA 203K Streamline.
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