So You Want To Buy That Fixer Upper? But don't have the bucks$$$$
You just walked out of the home of your dreams EXCEPT that the kitchen and furnace are missing. Your lender won't finance a home that is inhabitable.....so what to do? There is a solution! FHA 203K is becoming more popular with buyers since many homes on today's market need extreme work.
Many of today's buyers are looking at homes that are considered fixer uppers. These homes can be in wonderful communities but the property is priced low because the home needs some renovation. When looking at homes many of today's buyers and their realtors are not aware of a government backed program called a FHA 203K mortgage. There are guidelines that need to be meet to be approved for this loan, but the process typically is very streamlined. There is usually just a few additional steps that a homebuyer has to do to get the FHA 203K program. Rather then being able to close on a home in about 4-5 weeks, the FHA 203K closing will usually take place about 8 weeks after your offer is accepted. This mortgage is only for owner occupied homes. Not all lenders are approved to work with the FHA 203K-but with so many bank owned homes (the house doesn't need to be bank owed to qualify for FHA 203K-it may just need updates) this is an option that buyers need to be made aware of.
So don't be scared off from considering a home that may not meet your traditional financing. To learn more about this program, email me at firstname.lastname@example.org or call me at 810.844.2280 and it will be my pleasure to send you some information on the FHA 203K program and put you in touch with an approved lender familiar with this program.
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