Archive for the ‘Real Estate Fixer Financing’ Category

Fixer Financing

July 27, 2010

How to buy a home and finance the needed repairs or desired home improvements. The streamlined FHA 203(k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers, and /or architects are not required. Due to the rehabilitation amount limitation of $35,000, eligible improvements are limited and cannot include any major rehabilitation or remodeling, new construction such as a room addition, repairs to structural damage, or site amenity improvements. Repairs of this nature should be completed under the standard FHA 203(k) program. Two advantages are: Repairs are completed after closing, using loan proceeds. Low down payment.