For those of you who are unfamiliar with Federal Housing Administration (FHA) financing...I highly suggest you peruse this Seattle PI article. Especially if you or someone you know is considering buying a home in the Seattle area. Once upon a time FHA loans were reserved for low income home buyers or those with poor credit. The last several years, the program fell out of favor more trendier loan programs (the infamous subprime loans). This past year, Washington has seen a major increase in loans through the traditional FHA program as well as their rehab loan program.
In a very basic sense, the FHA rehab loan provides up to $35k in additional funds to fix or rehab the purchased home. As we've seen a slight increase in foreclosed homes and homes remaining vacant for a year or more...these rehab funds are great! FHA loans are very good option for first-time home buyers in Seattle and King County.
Read the full article here.
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