Finance Your Fixer Upper

                                Make a great deal better with an FHA 203K loan!!

  If you are like most of my buyer clients, then you are attracted to the low priced short sale and bank owned properties.  The problem is that once you get in to see them, you instantly think that they are over priced based on the amount of work needed to make them livable. 

These homes can be converted into Great Deals by utilizing an FHA 203k Loan Program . This program allows you to determine what work needs to be done, get estimates from a licenced general contractor and then borrow both the purchase amount and the amount needed to fix the property up to acceptable standards.    Obviously, you will need to be able to qualify for the total amount based on your credit score. There will also be an appraisal done to make sure that the property will be worth at least the amount of the entire loan after the work is completed.

You will not have to start any work until you have closed on the property. Once that has occurred the program works similar to a construction loan, with payments being made to the contractor in phases as the work is completed and inspected.

Most Banks and Mortgage Companies have access to this program. You can use the link above to get a more detailed idea of the guidelines.  This program is not for everyone, but if you have vision and patience, you can create your own GREAT DEAL!