Fannie Mae and Freddie Mac are continuously tightening their lending guidelines and bargain-priced foreclosure properties typically demand basic improvements
Chicago, IL (PRWEB) April 19, 2009
Winnie Uluocha, a Mortgage Planner specializing in FHA Rehabilitation loans - FHA 203 (k) - recently published an article titled, "Rehabilitate Your Database With FHA 203 (k) Loans," in Chicago Agent Magazine and Miami Agent Magazine. With foreclosures on the rise around the country and many of those homes missing essentials such as appliances, lighting fixtures, cabinets, etc., the Federal Housing Administration (FHA) 203 (k) Streamline Limited Repair Program has become an excellent solution in today's market. The 203 (k) Streamline Program allows the buyer to finance both the purchase and the cost of minor repairs and/ or upgrades through a single mortgage. The FHA 203 (k) Streamline Limited Repair Program permits prospective home buyers to finance up to an additional $35,000 into their dream home before moving in.
Understanding the way this product works and aligning yourself with an experienced mortgage planner who knows the intricacies of the FHA 203 (k) Streamline loan will ensure your survival and allow you to thrive in today's emerging market. As home prices continue to soften, more first-time homebuyers will be motivated to seize these bargain opportunities. Therefore, those in real estate should focus on first-time homebuyers to pump life back into the market. Home buyers who wish to take full advantage of this great opportunity must first understand the 203 (k) Streamline loan processes, in terms of which properties and improvements are eligible, and how the repairs are going to be completed.
"Fannie Mae and Freddie Mac are continuously tightening their lending guidelines and bargain-priced foreclosure properties typically demand basic improvements," said Winnie Uluocha, mortgage planner at American Street Mortgage Company. "The FHA 203 (K) Streamline Program is a refreshing answer for potential home buyers that may not have the personal funds to complete much needed repairs."
For additional information on the FHA 203 (k) home buying process, contact Winnie Uluocha or visit http://www.americanstreetmortgage.com
About Winnie Uluocha:
Winnie Uluocha is a Mortgage Planner with American Street Mortgage Company and has been in the industry for over three years. She is an expert in the FHA 203 (k) Streamline Loans, with a specialization in Federal Housing Administration Loans. Winnie has been published in Chicago Agent Magazine and Miami Agent Magazine. To setup media interviews, Winnie can be reached at (312) 376-3760.