The DCHFA just announced on 2/14 that their DC OPEN DOORS $0 Down Home Buying program can be now used with FHA’s 203k Streamline Loans.
The FHA Streamline loan program is for those wishing to purchase properties in need of renovation, repair or fix-ups. It traditionally included an FHA 3.5% down payment and could be used for the purchase of up to a 4 unit multi-unit residential building. The structure of the loan allows for up to $35,000 in renovations and repairs to be completed and funded within the mortgage.
The merge with DC Open Doors opens up the FHA 203K loan product to $0 Down through the DCHFA. This means that you can buy a home in downtown DC in need of repair or renovation for $0 down and roll up to $35,000 in immediate improvements into the mortgage!
The FHA 203K renovation funding of up to $35,000 is often enough to cover a new kitchen, central AC, bath updates and more when you buy an older home. We see this as a huge opportunity for the first time home buyer seeking value – older homes or “fixer uppers” can often be purchased at very favorable prices, and FHA 203k lets you put your own personal touches on the home you purchase!
UrbanLand Company is a downtown DC based real estate brokerage and new home sales team. We regularly run Investor Workshops for beginning real estate investors, and our hands-on DC Open Doors informational workshops continue to be a popular destination for potential first time homebuyers in the city. More information can be found on our DC Open Doors information site at http://www.dchfaopendoors.com.