Obtaining A Streamline Loan

Dated: 01/20/2014

Views: 1323

Recently a buyer of mine purchased a home using a 203k loan. This loan is designed to help a buyer purchase a home that might need a little work. The maximum someone can borrow is $35,000. Knowing this, you can expand your search criteria to include homes that might need some TLC. Not every loan officer can do this type of loan, and it takes an experienced loan officer to get this done. There is a 3rd party who handles the disbursement of funds, contacts the contractors, makes sure there are proper permits and job was completed and permits were closed. 

A buyer using this loan CANNOT DUE THE WORK THEMSELVES, EVEN IF HE OR SHE IS A LICENSED CONTRACTOR. 
How the loan works simplified:
Buyer finds the home-gets estimates for repairs from contractors of choice (provided they have a license and proper insurance)-appraisal is ordered and provided the "repaired" appraisal has the correct value and bank approves, the sale can be approved and closed. Most all other qualifications still apply in order to be approved...i.e...credit history, credit score, income, down payment etc....
If you'd like more information click here
Want to see a list of available properties in Barnegat? click here
First Time Home Buyer? Download a copy of my NJ HOME BUYERS GUIDE free from my Facebook page http://facebook.com/barnegatnjhomes or my website Barnegatnjhomes
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Rick Saparito Jr

I grew up in Broward County, Florida close to Ft. Lauderdale Beach. Toward the end of my senior year of High School my family moved to Barnegat, New Jersey where I met my wife Maryellen. We have 5 kid....

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