U.S. Housing and Urban Development (HUD) and the Federal Housing Agency (FHA), both divisions of our federal government, offer a low-down payment home ownership solution titled FHA 203k Streamline program. This is a home lending program that can be used to purchase or refinance, and rehab residential 1- 4 unit properties.

Due to the terrible decline in the U.S. economy and the housing market the last couple years, real estate inventory has increased. Many home interiors and exteriors have declined and are in need of improvements. Some houses sit vacant and requiring repairs. The FHA 203k program allows rolling up renovation financing into the base property mortgage, and repairs are completed after escrow closes.