I just confirmed - as far as we know there is NOT an ability to use a 203k loan in conjunction with the Your Way Home program, sorry.

Wow, that would be a real PAIN loan to do, I dont know anyone who would do that honestly. We offer both 203k and the Your Way Home program, but I am sorry to say that would be one heck of troublesome deal to close in any less than 2 months+

We have an office in Yuma and are likely the only lender in that area that offers the Your Way Home Program also, I will find out about this and report back in the AM.

Hello Vrtualme;0),
If you would like, you can email me directly and I should be able to have a firm answer for you in the morning. I believe you can, but it will be a tough closing to say the least especially if you want to close before the November 30th deadline for the tax incentives. What many people haven't thought of is that the deadline is the Monday following a 4 day (Thanksgiving) weekend. The chances of you closing on the 30th are slim. So plan, AND FAST to get a home under contract prior to October 5th especially if you are planning to use Your Way home. Have you picked a lender and if so, what lender are you using? They may already know the answer for your specific case. You may want to email them, too :) I know this isn't the definitive answer you are looking for but if you would like to email me, I can get you that answer in the morning. I look forward to hearing from you! Have a great Night! Sleep well!

Respectfully,
Michelle Evans

The short answer is yes. here is an excerpt from the program manual:

Minimum Property Standards. Each property must pass a Minimum Property Standards (MPS) inspection prior to close of escrow. An MPS inspection should be scheduled as early in the process as possible. If deficiencies are noted, the Seller must agree to correct the deficiencies prior to close of escrow. The cost of improvements may be added to the purchase price, so long as the revised purchase price continues to meet the 1% discount requirement. The Lender, Applicant and HB Agency should be sure to allow sufficient time for corrective work and re-inspection prior to the closing.

I specialize in the 203k streamline program and we underwrite and fund these loans ourselves. If I can be of service please don't hesitate. Also, feel free to go my web site and click on the 203k option fo more information about this program.

I think you would be able to. The 203k loan is a version of an normal FHA loan. So as long as your are using an FHA loan to purchase your home, then you should be able to use an FHA 203k loan. Speak with your mortgage lender for clarification.
http://www.203kContractors.com

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PAUL WELDEN
HomeSmart
602-503-4010
Buyer's Agent Realtor