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Is a FHA 203K Rehab Loan Right For First Time Home Buyers?
First time home buyers find themselves in a unique position relative to the current housing market.  Mortgage rates are at historic lows and there is still an inventory of undervalued vacant homes for sale.
An FHA 203K Rehab loan is designed to give the home buyer the ability to purchase an undervalued vacant home at a great price and apply up to $35,000 in updates to the home to make it like new again.
The advantages to first time home buyers include the ability to make sure the home is equipped with energy efficient products like windows and siding.  You can also customize the interior of the home with the latest appliances that are built to last years.  While you are at it, why not put some extra touches on the house with flooring, counter tops, cabinets and updating the bathroom.
As long as you can fit the updates into the budget you can pretty much do anything you want with the home that does not affect its structure.
The FHA 203K Rehab loan does require a little extra work that some first time home buyers just don’t have the time for.  The loan requires you to obtain bids on the repairs that need to be done to ... more

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