Longwood Gardens Flowers & Streamlined FHA 203(k) 8/18/11

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Longwood Gardens Flowers & Streamlined FHA 203(k) 8/18/11

What is a Streamlined FHA 203(k) mortgage?

The Streamlined program is for the purchase of a home that has limited repairs that require relatively little expertise to manage.

There is no consultant managing the project and that expense is saved. Instead, this program is designed for a project where the home can be occupied immediately after settlement and the contractor will receive a single payment at completion.

Advantages of the Streamlined FHA 203(k) program

It is quicker and easier to obtain than the normal full FHA 203(k) loan.

The repair budget can go up to $35,000.  With a 15% reserve, as a practical matter, the program works best when the cost of repairs does not exceed $30,000.

The Streamlined program requires less documentation than a full FHA 203(k) loan that would cover more extensive repairs or renovation.

One of the most important factors is that this program can save a transaction that might not be completed because of the needed repairs or renovation.  A typical situation for a good fit would be a home with an ideal floor plan but a kitchen that needs renovation.

Longwood Gardens - Dolores and I enjoy frequent visits to Longwood Gardens in Kennett Square, Pennsylvania.  Encompassing more than 1,077 acres, Longwood Gardens is a place of unparalleled beauty, offering dazzling displays that elevate the artistry of horticulture as will as an array of innovative educational programs.  You will enjoy the Gardens and the grand Conservatory. www.LongwoodGardens.org   

Longwood Gardens photograph by Roy Kelley.

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Amateur Photographer, Roy and Dolores Kelley Photographs

A real estate broker since 1960, I have retired from RE/MAX Realty Group in Gaithersburg, Maryland. The needs of past clients and referrals will be met by long time associates. 

Roy Kelley, Associate Broker

Realty Group Referrals

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Home Office: 301-670-8996



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Rainmaker
133,658
Kim Delia
Remax Professional Associates - Charlton, MA
Realty Delia Group

Good Morning Roy!  Great information.  I love the first photo!

Aug 18, 2011 06:52 AM #1
Rainmaker
1,237,233
Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

Good Morning Roy......this is a great program.....photos are beautiful as always.....Thanks!
Hope you have a great day!---Rob

Go Vols!

Aug 18, 2011 07:05 AM #2
Rainmaker
958,671
Wayne Martin
Michael Saunders & Company - Sarasota, FL
Sales Manager - New Homes & Condominiums Division

Like the streamlined 203(k). It has a very practical application in many circumstances. Enjoy the day!

Aug 18, 2011 07:34 AM #3
Rainmaker
647,303
Barbara Hensley
RE/MAX Properties - Rockwall, TX
Homes for Sale in Rockwall County, Texas

Roy - thanks for providing excellent information about this loan program!  Enjoyed the photos - as always!  Enjoy a great day in your neighborhood!

Aug 18, 2011 07:54 AM #4
Rainmaker
1,476,818
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Good information about the streamlined 203(k) program Roy.  As usual, great flower pics too.

Aug 18, 2011 07:54 AM #5
Rainmaker
2,110,618
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Good morning to all.  Thanks for your comments and support.  Many of our home buyer clients use FHA 203(k) financing to purchase lender owned foreclosures and short sale pre-foreclosures that frequently have deferred maintenance and repair issues.  With this program, buyers can include the fix-up cost in their FHA loan. The FHA 203(k) program works well to update kitchens and bathrooms, to finish a basement or to install a new heating and air conditioning system.

Kentlands flower photograph by Roy Kelley.

Aug 18, 2011 09:14 AM #6
Rainmaker
964,757
Will Hamm
Hamm Homes - Centennial, CO

Great information Roy,  Love the pictures.  I am headed to Yellowstone and will see about posting some pictures next week while there.  Have a great day!

Aug 18, 2011 09:59 AM #7
Rainmaker
2,110,618
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Have a wonderful trip, Will.  We will be watching for your photographs.

 Blooming for you!

Aug 18, 2011 10:11 AM #8
Ambassador
1,138,309
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Your Guide to Joyful Colorado Living!

Roy,  Great pictures.  It is amazing how those lillies can grow in the water. 

Aug 18, 2011 10:22 AM #9
Rainmaker
2,110,618
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Belinda:  I love the pay it forward blogs that you and Will post.  We wish that both of you were our neighbors!

Longwood Gardens Photograph by Roy Kelley.  Life is good!

Aug 18, 2011 10:39 AM #10
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Rainmaker
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Roy Kelley

Roy and Dolores Kelley Photographs
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