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

By
Education & Training with Retired Real Estate Broker, Maryland Blogger
http://actvra.in/gXS

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.

Posted by

Roy Kelley, a real estate broker since 1960, has retired from his position as Associate Broker with RE/MAX Realty Group in Gaithersburg, Maryland. The needs of past clients and referrals will be met by long time associates. 



close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the umbrella to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Real Estate General Information
Location:
Maryland Montgomery County
Groups:
EXPRESS WITH PHOTOGRAPHS AT ACTIVERAIN
Great Shots!
Photos
Tags:
longwood gardens
streamlined fha 203k financing

Comments 10 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the scissors to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
1,758,109
Roy Kelley
Retired Real Estate Broker, Maryland Blogger

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.

August 18, 2011 09:14 AM
Rainmaker
753,620
Will Hamm
Where There's a Will, There's a WAY!
Hamm Homes

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!

August 18, 2011 09:59 AM
Rainmaker
1,758,109
Roy Kelley
Retired Real Estate Broker, Maryland Blogger

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

 Blooming for you!

August 18, 2011 10:11 AM
Rainmaker
915,468
Belinda Spillman
Your Real Estate Resource For Life!
Aspen Lane Real Estate LLC

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

August 18, 2011 10:22 AM
Rainmaker
1,758,109
Roy Kelley
Retired Real Estate Broker, Maryland Blogger

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!

August 18, 2011 10:39 AM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
1,758,109

Roy Kelley

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the pants to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: