In the Houston area sometimes there is a need for a 203B Program and sometimes an in house escrow hold back can go with it. This program is for homes that need repairs before FHA will do a loan on them. In many cases, these homes are foreclosures. Below is some information on the programs available:
Streamline FHA 203k:
*Limited repair program offered through FHA for uncomplicated repairs/rehab activities for homes with FHA financing
*Allows borrowers to finance repair costs up to $35K for improvements and upgrades before move-in
*$1,000 minimum repairs
*FHA standard guidelines apply
* 3.5% down payment
*6% seller concessions
*Available for purchase and refinance
*Great for foreclosures, REO’s, short sales, distressed properties, and fixer uppers
Escrow Hold back for Repairs program:
*Limited repair program offered for uncomplicated repairs/rehab activities for homes with Conv, FHA, and VA financing
*Allows borrowers to finance repair costs up to $5K for improvements and upgrades after move in
* Great for the homes that just need minor work done without having to go thru all of the 203k requirements to get it done
* on this loan we close and get the seller paid and then buyers move in and have work completed and when 100% complete we just send appraiser back out to do a final to show all work done.
