So You've Found A Fixer-Upper

By
Real Estate Agent with Bob Leigh & Assoc., LLC

So You've Found A Fixer-Upper
by Pam Simpson
The Kudzu Vine

You're so excited to get a GREAT deal in a GREAT neighborhood but there's a catch.  It's a "handyman special"...a "fixer-upper"...it needs "TLC".  And everyone is telling you there is no way you will be able to get a loan on it.Fixer-Upper

Well, hold on there.  There is a loan made specifically for this situation - the FHA streamline 203(k).  The Streamline 203(k) permits the buyer/borrower to finance up to an additional $35,000 into the mortgage loan to improve or upgrade the home. 

Do the shingles look suspect?  Does it have green shag carpeting with a funny smell?  Have all the appliances been taken out?  If the repairs to be made are not structural, the FHA Streamline 203(k) is worth looking into.

 

This loan is available through FHA approved mortgage lenders nationwide.  The down-payment Equal Housing Opportunity Logorequirement is currently 3% of the loan amount, but is expected to increase to 3.5% after the first of the year (2009).  In Mississippi, as well as a few other states, owner-occupant buyers may be able to purchase a HUD home utilizing this loan with only a $100 down-payment.  For more information on HUD's special $100 down-payment initiative, see Buy A HUD Home - $100 Down Payment.

 

If you think this loan may be just what you need in order to grab that great deal, please select a lender and REALTOR who are experienced with these loans.  There's a little bit more work involved, but it could be well worth it to get that home you've always wanted. 
_______________________________________________________________________________________________

FOR BUYERS:  Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates

FOR SELLERS:  Pricing, Selling Tips   

LOCAL COMMUNITY INFO:  Tate County Community, Memphis Community, Southaven Community

MARKET REPORTS:  Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF:  NAR, Real Estate and Media, Real Estate Agents

OTHER:  Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

About the author:

Pam Simpson is a Broker-Associate with Bob Leigh & Associates, LLC in Northwest Mississippi. 
Copyright© 2008 By Pam Simpson, All Rights Reserved...**So You've Found A Fixer-Upper**

Disclaimer:  All information provided by this author is based on information collected from several sources and is believed accurate but not guaranteed.

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Topic:
Home Buying
Groups:
1st Time Buyers
North Mississippi Community Forum
Mississippi Real Estate Professionals
FHA 203-k and FHA 203-k Streamline Loan Group
Tags:
fha
fixerupper
hud homes
handyman
203k
buying a foreclosure

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