Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

FHA 203k Mortgage Provides A Unique Opportunity For First Time Buyers
FHA 203(k) loans fill a unique and important need for home-buyers. Mortgage lenders will not finance a house in need of substantial repairs, FHA offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the purchase and rehabilitation of a property. 
I'll be candid, FHA 203k loans can be a very tedious and time consuming process, however real estate professionals and potential homebuyers shouldn't shy away from the unique and vital advantages this program has to offer.  Take the time to find an experienced lender who can guide you through the process and you will reap the rewards of finding a diamond in the rough.

Type of Assistance:
FHA 203K insures mortgages covering the purchase or refinancing and rehabilitation of a home that is at least a year old. A portion of the loan proceeds is used to pay the seller, or, if a refinance, to pay off the existing mortgage, and the remaining funds are placed in an escrow account and released as rehabilitation is completed. The cost of the rehabilitation must be at least $5,000 and lenders may charge some additional fees to cover reviewing construction plans and specifications, as well as higher appraisal and ... more

__________________________________________________
Are you on The Rain? Grow Your Network!