What Is the FHA 203(k) Streamline Rehab Program?
This is a great loan especially for anyone buying in Fort Lauderdale & South Florida because so many foreclosures and short sales are not in great shape.
The FHA 203(k) Rehab Mortgage enables the borrower to finance both the purchase or refinance of a home and the cost of the rehabilitation through a single mortgage. The standard FHA guidelines apply so you only need to put down 3.5%. It allows for up to $35,000 in improvements and is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required.