Grrreat Time to Buy a Home – Consider an FHA 203(k) Streamline Loan

Never has there been a better opportunity to buy a home than in today’s Phoenix Real Estate market. If great interest rates, low price points and tons of available Phoenix Arizona Homes are still is not reasons enough for you to start looking at a purchase,  here is one more reason:  Federal Housing programs now allow buyers to finance up to $31,121 in repairs/improvements to their new home.

This loan program is known as a FHA 203 (k) Streamline Loan. This program gives buyers of Phoenix Homes for Sale  several great benefits:

1. Avoid construction costs
2. FHA guidelines (640 FICO – no reserve requirements)
3. Allows for 100% cosmetic improvements
4. A loan down payment of only 3.5%.  (The 3.5% down payment is based off “As Is” appraised value plus repairs.)
5. Allows up to $31,121 in repairs/improvements to be included in the loan

The types of improvements that borrowers may make using 203(k) Streamline financing include:

• 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.
• Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
• Accessibility improvements for persons with disabilities
• Lead-based paint stabilization or abatement of lead-based paint hazards
• Repair/replace/add exterior decks, patios, porches
• Basement finishing and remodeling, which does not involve structural repairs
• Basement waterproofing
• Window and door replacements and exterior wall re-siding
• Septic system and/or well repair or replacement

Would you like to learn more about buying a home, or about the FHA 203(k) Streamline Loan program? Our  Phoenix AZ Realtors not only specialize in searching the Phoenix MLS for your perfect home, they’re also experts in financing and working with Federal loan programs.  Contact us at 480-776-5214 or www.ThompsonGroupAZ.com today and we’ll help you get on your way!