Tag Archives: 203k Streamline

Banks are foreclosing and warming up to the 203k loan idea…..sort of

It looks like banks are shying away from the loan modification option and getting more aggressive and foreclosing on delinquent borrowers homes.  The foreclosures figures may or may not reach a record in California but it’s a sign that more bank owned properties are going to hit the market real soon.  Here comes the 203k […]

Home equity loan meltdown is the rebirth of the 203k loan.

Click here for more Salvtore Vuono pics I was reading an article the other day that said that there are 347 billion dollars in home equity loans in the U.S. that are underwater.    That number again is in the billions not the millions.  Four years ago if you didn’t use a California real estate loan package that […]

The 203k loan can reconvert illegal garages.

There was a property a few doors down from me that sat on the market for over 6 months.  The property was a foreclosure that had an illegal garage and bedroom conversion (done without permits).  The carport in the backyard looked like it had been through a tornado, so it was of no value. I […]

The 203k home loan, Streamline style

There are two different 203k home loans.  The FHA 203k Standard loan, and then there’s the FHA 203k Streamline home loan.  The 203k Streamline loan is for smaller jobs and cosmetic in nature.  A homebuyer can receive up to $35,000 in funds with the 203k Streamline home loan to put in carpet, paint, countertops, cabinets, […]

Contractors Need to be Coached on the 203k Loan

I had heard recently from a Realtor that they would never again be involved with a 203k Streamline or the 203k loan (standard). When I asked why she mentioned that it took too long to get job estimates from the contractor and escrow had to be extended 2 times as a result. This can happen if the […]

The 203k Loan. Give it a Second Look.

The 203k loan has been around for well over 25 years and the 203k Streamline loan was revamped in 2005 to make it more consumer and Realtor friendly. I say Realtor friendly because the acceptance of either the standard 203k loan or the 203k streamline loan is lukewarm at best in the Realtor community. I’ve […]