The Streamlined 203K is a great option if your repairs are under $35K. That gives you quite a bit of room. Here's HUD's info. on it: http://www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm Click on and down the HUD Mortgagee Letter 2005-50. It details the program and answers what is allowable and has some good Q&As.
With Your Success in Mind,
Keller Williams Integrity First Realty
480.560.7255 (direct & text)
This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.
Great question. When you get a chance, please contact Ruth Falcone at Trident Mortgage. She is well versed on what it takes to get things done.
Ruth H. Falcone
305 2nd Avenue, Suite 210
Collegeville, PA 19426
Phone (610) 831-8112
The FHA 203K options have been good ones but they are not without pitfalls. I always advise people to seek advise from the expert in the field. You need to speak with a mortgage loan officer. I have a couple I work closely with and trust their judgement. Call me and I will pass on the contact information. Mortgages have gotten a lot trickier in the last year or so. Always go to a mortgage professional to get mortgage advise.