Articles Published in: December 2010

December 1, 2010

What is an FHA 203(k) Streamline Mortgage?

By Joe Wallace

There are many types of homes available to buy with an FHA home loan. Some borrowers are looking for new or recently built properties, but others seek less expensive properties. Some turn to fixer-upper properties, houses that have been foreclosed upon and in a state of disrepair, or similar purchases that require some additional work to make them ideal living spaces. The FHA understands the needs of the budget-conscious house hunter; but it's also understood that a buyer might not be able to afford all the repairs, upgrades or improvements to a property as an out-of-pocket expense. That's one reason for the FHA Streamline 203(k) Limited Repair Mortgage program.