Thursday, August 26, 2010
The Fixer Upper Solution With a Purchase Upgrade and Repair Mortgage
You just found a GREAT deal! You see the potential
and know that with some improvements this could be a GREAT home.
But there’s just one little problem …
The purchase of a house that needs repair is often a catch-22 situation
because the bank won't lend the money to buy the house until, the repairs are complete! and the repairs, can't be done until the house has been purchased.
HUD's 203k program can help you with this problem
and allow you to purchase
With the F.H.A. 203K you can Purchase upgrade and repair the property all under the same loan!
Repair or replace the roofing! flooring plumbing or electrical systems
Remodel the Kitchen & the Bathrooms...
Purchase and install appliances including free standing stove, Refrigerators, washers dryers, dishwashers and microwave ovens,
The 203K Streamline is an all in one limited repair loan,
It allows borrowers to finance the purchase of an existing home
and make improvements or upgrades up to $35,000 before moving in.
There is no minimum repair costs and the buyer must occupy the property.
Investors are not eligible!
To find out more about the 203K Home Improvement Loan