203k Streamline – Turning Foreclosures Green
February 20th, 2009 | 
Author: Another reason to use an FHA 203k Streamline rehab loan: Foreclosures are bringing down the Eugene/Springfield and Lane County Real Estate market. My reasoning on this has to do with the condition of many of the foreclosed properties. Many of them aren’t livable and may have been vacant for some time. In many areas of the United States, entire neighborhoods sit vacant, havens for crime and an eyesore to surrounding neighborhoods. Although I haven’t seen this scope of a problem here, I do know that there have been cases of squatters moving into foreclosed (or about to be foreclosed) properties and using them as a base of criminal operation.
How about starting a movement to help take these properties and provide affordable green renovations for buyers in need through FHA 203K renovation loans? Not only would we be fulfilling the mission of FHA 203K, to restore and preserve America’s existing housing stock, but also incorporating money and energy saving green improvements into those homes.
Although solar panels and wind turbines are “sexy” improvements, I want to be realistic about what the individual can do. For that, I am talking about simple and affordable 203K streamline improvements like EnergyStar windows and appliances, low flow toilets and showers with on demand water heaters. Not only would these kind of improvements benefit the planet, but they would also help the low to moderate income home buyers save on their monthly energy bills. That makes their FHA mortgage more affordable, lessens the likelihood they default and helps restore the integrity and quality of the neighborhood by ensuring that its homes are in good condition, energy efficient and OCCUPIED!
The FHA 203K Streamline Rehab program is the ideal way to bring these homes back as great representatives of their respective neighborhoods. When you combine this with the $8,000 Tax Credit for First Time Home Buyers and exceptionally low interest rates, it really is the ideal time to buy a home. Call me today at 541-342-7576 to make an appointment for your one on one time with me.
Posted in Bank Owned properties, Eugene Oregon, FHA 203k Streamline, FHA Mortgages, Foreclosures, Lane County Oregon, Springfield Oregon | 
Tags: $8000 tax credit, energystar, Eugene/Springfield Lane County Oregon, fha 203k, First time home buyers, Foreclosures, green lending, Mortgage Loans, Real Estate Loans, Stimulus Bill
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Is this really something that can be done? I have not heard anything about this kind of movement yet. It would be so wonderful for everyone of these homes could be made more green friendly.
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The great thing about this program Robin is that not only can you use the repair money to do things like windows and doors but you can purchase energy efficient appliances, like washer and dryers.
Both 203(k) programs are great for just about anyone wanting to be sure the Lender will not pull the repair escrow account during the remodeling and construction process. This loans appear to be the most secured for all involved in the process, the Lender, Borrower and Contractor.
Since you are involved in the mortgage industry
do you know of any direct lenders aggresively marketing both 203(k) loans in Texas?
Am an Approved 203(k) Consultant.
Thank you.
Sorry Jose, I don’t know anyone that does the full 203k anywhere. I am sure they are available, but since I am not interested in the full k program, I don’t look for it. Thanks for the comment.