All homes are NOT created equal in 03246 Laconia, NH

I had the opportunity to show a home in Laconia, NH  today. It was built in the early 1900's and showed significant wear. A roof was needed, windows, heat system, kitchen and bathroom upgrades were also needed. What was most surprising however was the price. It was very reasonable making this home hard to pass up for my buyer. What surprises most buyers is that there is a loan program that will allow the borrower access to funds to repair all these items. It's called the FHA 203K program. You should check it out. The buyer must have a contractor do the work and must owner occupy the home upon purchase. The borrower gets access to 1/2 the sum of the repair costs at closing and the remainder once the work is completed. These funds are added to the principle loan amount which happens to be an FHA federal government loan program. You get to buy the home with 3 1/2 percent down and get a fixed rate. Trust me with rates so low, and prices the same, this very reasonable loan program is a win-win for the buyer!