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Guidelines of 203K FHA Streamline Repair Loan

We all know that the Arizona real estate market has more Bank Owned Homes available for sale than ever before. The inventory of lender owned, REO and pending auction homes has grown to a level where it can no longer be ignored by homebuyers. Unfortunately, most of these homes are not within financeable boundaries or at least in livable condition. That’s where the 203K FHA streamline repair loan comes in to the aid of the homebuyer. Phoenix homebuyers can use the 203K FHA streamline loan and finance further repair costs of their property right into their home purchase. There are some basic things that you as the homebuyer of that distressed property need to know to fully utilize this 203K FHA streamline loan to purchase that perfect Greater Phoenix investment property:

The purchase:

The FHA 203K loan is available for the purchase of a property and takes into the account the purchase price and then add in the cost of repairs necessary to create a new loan balance. The repairs of your Arizona home would be completed after close of escrow.

Facts and Notes:

The maximum repair amount on the FHA 203K Streamline is $35,000 and there is no minimum or mandatory amount. A phoenix homebuyer can use $5K for that new roof of his Phoenix investment property or use the whole $35K and do more along the lines of a full home remodel. The other catch is that the buyer must use a licensed professional to conduct the remodel process of the home and then it must pass inspection. This is a great opportunity to convert to Arizona Green Real Estate. Purchase that distressed property, and with professional guidance from RealVision Group, you can live in a healthy eco friendly home in phoenix.

Eligible home improvements:

• · Repair or replace that worn roof of the home
• · Repair gutters
• · Place a new HVAC unit for the hot summer days
• · Fix the plumbing or convert from galvanized to copper piping in your new home
• · Upgrade your electrical to code
• · Put in that stone, wood or fresh carpet on the interior of the home
• · Do some custom painting
• · Upgrade those appliances from the 70s to nice new Stainless Steel
• · Build an awning or a patio for shade
• · Do some landscaping
• · Repair the cracks in your driveway
• · Switch out the windows to new Dual Pane Low E windows
• · Upgrade interior doors to 6 or 8 panel
• · Great opportunity to upgrade with Eco Friendly ideas in your new Phoenix home

Remember that this is only offered to owner-occupant homebuyers. No investors. Also, you may not amend or change the bones (structure) of the home. Only cosmetic repairs are allowable under the FHA 203K Streamline repair loan. We at RealVision Group can offer a slightly different FHA 203K program that allows for structural repairs, but that requires architects, contractors and becomes an elongated process which is less desirable for homebuyers.

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