So you're not a cash buyer, but you want to take advantage of the great deals on Florida foreclosures. Generally, the biggest hurdle to most buyers needing a Florida home loan to purchase Florida foreclosures is property condition. Florida home loan lenders won't make a loan on a property that has any health or safety concerns. Therefore, if the home is in need of repairs or doesn't meet Fannie Mae or FHA guidelines for adequate condition, financing will be difficult to obtain.
That is why so many cash buyers are taking advantage of the great deals on Florida foreclosures. They have the cash to buy and renovate these homes and create a tremendous value for themselves or to resell. Now, buyers needing a Florida home loan to purchase and fix up Florida foreclosures can level the playing field with all cash buyers.
Introducing the FHA 203k Renovation loan. This Florida home loan provides one financing package to acquire and renovate your Florida foreclosure. An FHA 203k Renovation loan can be used to buy a home in any condition, while setting aside funds to make all necessary repairs, renovations and upgrades. The financing is based on the completed appraised value of the project and a buyer can make it all happen with as little as a 3.5% down payment.
An FHA 203k Renovation loan can be used to repair or replace: a roof, plumbing, electrical, structural problems, new kitchen, new bath, add a room or square footage to the home, or practically anything you want that adds value to the home. All this with one Florida home loan package makes it a terrific solution to purchasing a Florida foreclosure at a great price.
Contact your Fort Lauderdale mortgage broker, Harvey Collier, for all your FHA 203k Renovation loan and Florida foreclosure inquiries.
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