Can't find a forelosure in Miami that is in move in condition?
A lot of the foreclosures that you find in Miami need some fixing up. These homes that need repairs do not meet the requirements of a conventional loan, hence the “cash offer only” designation.
The FHA comes to the Rescue!!
Well the Federal Housing Administration (FHA) section 203(k) program is here to help. The 203(k) program provides the funds necessary to fix the house prior to your moving in. The beauty about this program is that you roll both the mortgage and the rehab construction loan into just one mortgage loan at a long term fixed rate that lets you finance both the acquisition and the rehabilitation of the property.
Everyone qualifies for this program.
You don’t need to be a contractor or an investor. This program is available to first-time home buyers also as long as a qualified contractor is named for the necessary repairs.