Want A Loan For A Fixer Upper?-Try FHA !
Corie Seymour's blog on getting a loan for a fixer upper that allows the home buyer to include the cost of the improvements to the FHA loan was an eye opener.
The loan has always been available, but was so difficult for the buyer to package that we had almost forgotten about it.
Now if you keep the home improvements under $31,000 it's a piece of cake.
At least that's the way that Doug Walker explained it in Cories blog.
Not only have we sold some Tooele homes that would have been perfect for this type of mortgage, we could have put together some transactions that we couldn't make work before.
Listen to some of what Doug had to say.
Cheap Fixer Upper Financing
In this age of stimulus bills and bail outs you would expect a really cool mortgage loan program to help home buyers. Well, there is one, but it's actually been around for years. There is a little known FHA loan program called the 203(k) that allows you to purchase a home and fix it up with the same loan. It's not very well known because most lenders either can't do them or just don't want to do them. They are more work than the average loan officer wants to do and most companies don't have underwriters that are familiar enough with them to confidently issue an approval that FHA will accept. At Republic Mortgage we feel the benefit to the client is so big that we have made the commitment to offer this program. We have loan officers who have been certified on this program (of course, that includes me) and the staff to get them done.
To read the entire article click . FHA Loan.
If you don't have a fixer upper in mind, but would like to search for one in Tooele, Grantsville, or Stansbury Park stop by our website @ Tooele Homes For Sale. You can search for hundreds of homes or Condos listed in Tooele County and receive photos, prices, maps, directions and tips on buying or sellig a home.
Or you can call us @ 435-840-5029. We'll talk to you about Tooele Real Estate or just about getting an FHA loan for your fixer upper.
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