Have you ever asked a lender if you can have more money than what the home you’d like to buy is worth?  Did the loan officer laugh?  Not any more – welcome to the FHA 203K Streamline Renovation Loan.  With a 3% down payment – which can be saved by you or gifted by a family member, you can borrow up to $35,000 more than the sales price of the home.  You can pick the licensed contractor of your choice – or use a national home improvement store – and have the work done after you close escrow and own the home.  You can use more than one contractor if you like and you can do just about anything to the home as long as the structural integrity is not compromised, so although you can’t move load bearing walls, you can do just about anything else.  Have you looked at a bank owned property that is missing the appliances?  With this loan you can get all new appliances (yes, a new clothes washer and dryer too) and put the cost into the loan and have the appliances delivered at the same time as you move in!  Have you looked at a home you love but can’t stand the turquoise carpet and the tacky linoleum in the kitchen, but don’t think you can afford to replace the flooring after you move?  Now you can!  Have you found an older home and would love to buy it, but you’re very energy conscious and can’t afford the energy efficient improvements you would want to make to reduce your monthly utility bills?  Buy the older home loaded with character and keep your gas and electric bills down all at the same time.  Let your personal creativity soar and turn that fixer-upper into your dream home with one loan, one low interest rate and one closing.   FHA has streamlined the process so it’s much easier than you think and the Washoe County loan limits are now up to $403,750 for a single family home.  The home has to be your primary residence – no investors, please – and if you live in one unit, you can finance a property up to 4 units with this loan and the loan limit goes up along with the number of units.  Call your mortgage professional to learn more.