Streamlined FHA 203(k) program enhanced
WASHINGTON -- Jan. 10, 2006 -- The U.S. Department of Housing and Urban Development (HUD) has introduced enhancements to the streamlined 203(k) program to facilitate the purchase of property that needs only minor rehab work.
The 203(k) program is the primary FHA program for the rehabilitation and repair of single-family properties. Unlike the basic 203(k) program where funding can be provided for the total reconstruction costs, the new program is intended to provide funding for only basic repairs. Given the fact that the cost of construction materials has risen, one of the primary changes to the program is that the minimum repair cost of $5,000 is eliminated and the ceiling is now raised to $35,000.
For years, the National Association of Realtors® (NAR) has been a strong supporter of the FHA 203(k) program because it offers a viable source for expanding homeownership and revitalizing neighborhoods, according to NAR officials. The program has allowed many lenders over the years to partner with state and local housing agencies and nonprofit organizations to rehabilitate properties in dire need of repair. The 203(k) program has also been a useful tool in the disposition of the HUD Real Estate Owned (REO) property, especially multiunit properties.
About The Scott Daniels Real Estate Group and Florida List For Less Realty,Inc.
- Florida List For Less Realty, Inc.
- Cooper City,Ocala, Florida, United States
- Buying a Home has never been easier! Buying a home is an exciting and complex adventure. It can also be a very time-consuming and costly one if you're not familiar with all aspects of the process, and don't have all the best information and resources at hand. We use the latest technology for you to search the IDX/MLS. Visit our web site www.listfloridahomes.com From the comforts of your home, just "point and click" homes you wish to view. We pride ourselves with new technological platforms which make the entire home buying process simple and easy! Our comprehensive, high-quality services can save you time and money, as well as make the experience more enjoyable and less stressful.
