Are you in the market to purchase a home? Only finding properties that are in rough condition? Are you finding possible good deals but don't have the money to renovate/improve the home?
You have options. In today's Real Estate market, especially in Michigan with all the foreclosures, there are many opportunities for buyers to purchase a home that needs some TLC for a great value, including foreclosed homes.
A large number of first time homebuyers don't have the resources to renovate a home when they first purchase. The solution? FHA 203k Renovation loan.
This type of loan allows you to purchase a property with only 3% down (based on purchase price) and FHA will lend you the money to renovate the home. You can update bathrooms, kitchens, paint, carpet, add a bedroom, add a garage, etc.
You can now buy a home that is in rough condition, put only 3% of the purchase price as a downpayment, and we can lend you up to 6 months of payments while renovation is completed, on top of the money for renovation.
This is a great tool for everyone, especially first time homebuyers, who have a hard time finding a well maintained home in their price range.
American Home Mortgage is a certified FHA 203K lender. If you'd like to hear more about this opportunity please do not hesitate to call. Have a client who could benefit from this? I'll be happy to help.
Sincerely,
Jim Hood
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