FHA has a little known program that was primarily associated with HUD homes but is also available for 1-4 family dwellings. This program can be used to finance the initial purchase and repair or improve the property in one loan. It's called the FHA 203K loan program and it can be used to repair property that you are interested in purchasing all in 1 loan providing that you will use credentialed contractors, it can even include cosmetic improvements as well as major renovation. There is a minimum of $5000 in repairs or improvements and can be used for mixed use residential/commercial properties if eligible. Even a burnt out shell, incomplete shell or empty foundation may be eligible for 203K financing provided it is over a year old.
FHA will lend up to 98.15% of the future value of the dwelling after all completed repairs as long as you do not exceed the maximum FHA loan limit for the area of the properties location.
With this program you can purchase that home you looked at but were discouraged in buying because it needed too much TLC and you couldn't afford the cost of repair out of pocket, or the seller couldn't or wouldn't fix the problems. With this program those problems can be fixed and financed all in 1 loan.
Call or e-mail Larry or Jo Ann Thomas and ask about this fantastic program at 628-2903 or 545-9249 or
larrythomasbrep@msn.com
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