Leaky roof, broken furnace, creaking steps, peeling paint, FHA rehab loan to the rescue! You can improve fixer upper houses with these FHA 203(k) construction loans. Whether refinancing your existing mortgage or using a low down payment for buying a house, the FHA home improvement loan is a handyman's secret.
You know you can find a deal on fixer upper houses. What a catch-22! No bank will approve the mortgage without repairs but the seller won't allow you to fix what's broken until the mortgage closes.
Solution? The FHA rehab loan! Purchase the home with this all-in-one permanent financing. You will close the mortgage, become the owner, and THEN make repairs and improvements. Best of all, you'll have only one mortgage for the entire transaction.
Or enjoy the best of both worlds. Purchase a home from one site and have it transferred to the location of your dreams on a new foundation. Then remodel it!
For example, some cities will condemn houses to gain access to land for public projects. This could be going on right in your city. So you'd buy a lot, have the condemned house moved there, and rehabilitate it to bring it up to today's standard of living. Remember, all 3 steps are financed under one permanent loan!
The house you bought 5 years ago may have been large enough then. But since the twins were born, it feels like your family is busting out at the seams. What's the answer? Finance your remodel with the FHA rehab loans of course!
You'll refinance your home and include the cost of repairs and remodeling, all in one loan with only one monthly house payment.
Hoping for your ultimate dream home but can't afford the prices in new construction? Talk to your Realtor and banker to see how much you can save with the FHA 203(k) loan and still get a fantastic home.
For homeowners who have paid off an FHA mortgage loan by selling a house or refinancing, here is how to find out about FHA refunds and if you are owed one.
What if you could ask a real estate and mortgage insider anything you wanted about FHA financing? Now you can! Ask Kate is specifically designed to answer your questions and create dialog regarding mortgage financing.
By the way, do you know how to find the age of fixer upper houses? And for that matter, the age of houses in any condition - Use the toilet!
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