Using My Home & My Home II with FHA 203K Streamline Loans for Fixer Upper Properties
The My Home and My Home II Programs can be combined with the FHA 203K Streamline loan product for for eligible homebuyers. FHA’s 203K Streamline loan product allows homebuyers to finance up to $35,000 into their mortgage to repair, improve or upgrade their home at the time of purchase.
Through My Home and My Home II, this gives the qualifying buyer the ability to purchase a property “in need of repairs or upgrades” with My Home assistance funds. The Down Payment is either ‘forgivable’ over the first 10 years in My Home (meaning no payments are due) and is on a deferred payment basis in the My Home II program (due whenever you sell the home in the future).
When combined with FHA 203K, you can finance up to $35,000 in repairs or upgrades within the mortgage. This gives you a fairly large budget to put in a new kitchen, central air conditioning, bathroom upgrades, etc. – basically letting you buy a home and put your own personal touch on it immediately.
This is a rare opportunity for those who want to live in Prince George’s County!