SEATTLE (Zillow) -- In most areas of the country, the number of homes for sale needing at least a few repairs before move-in is substantial, because many times in a short sale or foreclosure situation, the seller will allow the home to go into some state of neglect.
To help pay for needed repairs, buyers shopping for a mortgage should look into the FHA 203k loan program.
The FHA 203k is popular with buyers of fixer-upper homes, and for good reason.
The FHA 203k loan program can be grouped into two types of loans: the FHA Streamline 203k loan program and the FHA 203k loan. The FHA 203k streamline is designed to be a limited repair program and has simpler processes and no HUD consultant required, unlike on the full FHA 203k loan. In my experience, the FHA 203k streamline is a more popular option since many of the needed repairs for bank-owned homes can be considered "cosmetic."
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