MEDFORD, Ore. — Some homes on the market in Medford and throughout the Rogue Valley sit for sale but may needs repairs. While the added cost of updating roofing or siding can turn of some home buyers, local lenders say there is a loan underutilized that can be applied.
“It’s a great tool for first time home buyers that are maybe in that market place.” James Luna with Land Home Financial Services Inc.
Streamlined a 203 (K) loan allows for up to $35,000 in cosmetic repairs and renovations following the minimum down payment. Structural repairs or additions, like an extra bedroom, do not qualify under the loan, but Luna said the loan could be perfect for some first time home buyers who are looking to make a move on an older home in need of a face lift.
“The house needs a little T.L.C. they can get a 203(k) Streamlined loan and do the cosmetic non-structural improvements to the home and become home owners,” said Luna.
For southern Oregon residents, there are other resources for home buyers. ACCESS has a home ownership center and has options for those looking for help on a down payment or on closing costs.
One is exclusive to Medford residents and helps with down payments up to $15,000.
“It is a lien so there would be a lien recorded against the property and the money needs to be repaid back to the city whenever they either sell or re-finance.”