repair: 203K Renovation Loans a Hot Item
- 03/18/12 01:23 PM
There are two market conditions making renovation loans a hot item. First, current foreclosure sales are running six times higher than normal in the U.S., and many of these homes have been neglected and are in need of repair. Second, many homeowners are deciding to stay put and upgrade their homes. The Federal Housing Administration (FHA) 203K renovation loan provides the financing to both purchase the home and finance the home's renovation with a single loan. The loan can also be used to refinance and make repairs on an existing home. In either case, the property must be an owner-occupied, primary … (2 comments)
There are two market conditions making renovation loans a hot item. First, current foreclosure sales are running six times higher than normal in the U.S., and many of these homes have been neglected and are in need of repair. Second, many homeowners are deciding to stay put and upgrade their homes.
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