Let me start by saying fixing is like the old adage "beauty is in the eye of the beholder".
Some buyers will not consider buying a home that requires minimal work such as paint and carpeting, while others are willing to take everything down to the bare walls and, in essence, start over to make the home reflect their personal style. Some buyers are willing to do work at a later date in order to purchase a home below market value.
If you are willing to except a home that is not in turn-key condition, then please read further because I am going to tell you about a special financing program for homes that need anything from a "touch up" to homes that need revitalizing.
This loan program allows buyers to do repairs; as simple as cosmetic repairs such as carpeting, paint or landscaping to major renovations such as replacing windows, energy systems and even room additions. This loan program does not require any interim loans or require that the repairs be completed before the escrow closes.
FHA has recently formed the Streamline-K Loan program which allows buyers to borrow funds for the purchase of a property and obtain money for repairs all in one easy loan.
The Streamline-K Loan program is not the same as the FHA 203-K program (which is still available). The Streamline-K Loan program has done exactly what its name implies, it has streamlined the very complicated 203-K process, making it a great option for home buyers.
The Streamline-K Loan program offers the same benefits as the standard FHA loan: low interest rates (fixed or adjustable), flexible loan guidelines with regard to credit and low down payments (minimum 3%).
If you are considering a home purchase in the Fresno-Clovis area, this is a wonderful opportunity to expand your home options in a market that is already allowing you the best affordability in years.
Contact an FHA approved lender for pre-approval and for more details regarding the Streamline-K Loan program.