Financing Options for fixer-uppers

By
Real Estate Agent with Century 21 Millennium

If you need a home loan to buy a "fixer-upper" and remodel it, look at the U.S. Department of Housing and Urban Development's Section 203(K) loan program. The program is designed to facilitate major structural rehabilitation of houses with one to four units that are more than one year old. Condominiums are not eligible.

A 203(K) loan is usually done as a combination loan to purchase a "fixer-upper" property "as is" and rehabilitate it, or to refinance a temporary loan to buy the property and do the rehabilitation. It can also be done as a rehabilitation-only loan.

Plans and specifications for the proposed work must be submitted for architectural review and cost estimation. Mortgage proceeds are advanced periodically during the rehabilitation period to finance the construction costs.

For additional information on this loan program check out:

 

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Rainmaker
777,903
Michael A. Caruso
Surterre Properties - Laguna Niguel, CA

Hi Neuly,

Thanks for the info!  I'll check out their website.  Have a great week.  Michael A. Caruso

Aug 11, 2008 09:55 AM #1
Rainmaker
163,072
Lorinda Ward
Keffer Realty - Norfolk, VA
Serving, Hampton Roads Virginia. Norfolk, Chesapeake, Va Beach

This is an excellent program, you can not talk about it enough!  Have a great day!

Aug 11, 2008 09:58 AM #2
Rainer
33,398
Stefan Geyer
SOA Realty - Aurora, CO

I wish they had this same loan for investors, but regardless, a great program.  Thanks!

Aug 11, 2008 11:25 AM #3
Rainer
129,004
Ron Brown NMLS #270845
NMLS ID: 40831 - Federal Way, WA

Neuly,

Welcome to Active Rain! Congratulations on your first blog.  You'll find this is a great site for sharing ideas, networking, and growing your business.  If you ever have a question about VA loans, or FHA loans I'd be happy to help!

Ron Brown

VA Loan& FHA Loan Specialist

First Mortgage Company of Washington

Puyallup, WA

Aug 11, 2008 02:01 PM #4
Rainmaker
559,383
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Neuly,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Aug 11, 2008 03:12 PM #5
Rainmaker
512,421
Bill Kennedy
Keller Williams Realty - Greenville, SC
Homes For Sale Greenville SC

I wanted to personally welcome you to active rain! This is a great community to learn and to share. Join some groups, check out some blogs, and enjoy!

Aug 11, 2008 03:27 PM #6
Rainer
160,526
Dwayne West
Atlanta Real Estate - Canton, GA
Canton Georgia Real Estate

Welcome to the Active Rain community. You have chosen a great site with tons of information you can learn from.

Aug 12, 2008 12:53 AM #7
Rainer
154,195
Sasha Miletic - Windsor Real Estate
RE/MAX Preferred Realty Ltd. - Windsor, ON

Hi Neuly, Welcome to AR, Be a Blogholic and start writing your own blog soon on AR. All the best for your RE business. This is the right place for customers, friends, realtionships etc.

Best - Sash 

PS: FREE blog traffic strategy video...Hope this will help you... click here

Aug 12, 2008 01:24 AM #8
Rainmaker
49,618
Nance Burdette
Keller Williams Realty Partners - Spartanburg, SC

Congratulations on becoming a new member of ActiveRain. Being a new member myself less than a week and only posting a couple blogs so far I truly see the awsome advantage that this is; and only the beginning of a healthy and wealthy relationship of abundant professionals.    Best of Luck to all of us,  Nance

Aug 12, 2008 03:57 PM #9
Rainmaker
114,574
Peg Gilliland
Charlottesville Solutions - Charlottesville, VA
Broker, GRI, CDPE

I see that you are new to Active Rain and I just wanted to welcome you. I hope that you enjoy it as much as I do and that you find it a great resource.

Aug 13, 2008 09:49 AM #10
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Neuly LaCaze

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