HUD changes FHA home repair policy

By Kristal Kraft Denver Realtor | Published: August 22, 2005

(Washington, D.C.) HUD is urging real estate agents working with buyers to look at FHA’s new 203(d) Home Repair program, saying it loosens the agency’s demand that homes  meet certain repair standards before an FHA-insured loan is granted.

In the past, some buyer agents have not encouraged buyers to use FHA financing because of concerns about FHA’s pre-sale repair requirements. The new Streamline(K) Limited Repair Program, however, permits borrowers to add $5,000 to $15,000 to the loan amount and make the required repairs after loan closing.

The new product can also be used for other repairs that the new homeowner wants to accomplish without the need for an additional loan.

source: The Real Estate Professional

Denver Real  Estate

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About the Author

Kristal Kraft
Kristal has been helping buyers and sellers in Colorado since 1984. She enjoys sharing her knowledge of the Metro Denver Real Estate market via blogging and in person while driving around the beautiful Rocky Mountain town of Denver! For fun, Kristal enjoys shooting things with a Canon. Visit Denver Photo Blog

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  2. Special Programs for Financing a Home
  3. Denver homeowners are you planning to sell your home?
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  5. There’s no such thing as “as is”

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