Looking to buy a home?
WDKX’s Financial Advisor Dr. Cheryl McKeiver said on the Wake-Up Club this week look into a FHA 203k loan. Rehab Loan or FHA Construction loan allows you to finance not one, but two major items 1) the house itself, and; 2) needed/wanted repairs. Because the lender tracks and verifies repairs, it is willing to approve a loan on a home it wouldn’t otherwise consider.
The loan addresses a common problem when buying a fixer home: lenders often don’t approve loans for homes in need of major repairs. A home must meet certain safety and livability standards. Some home buyers are handy enough to buy the house and fix it up themselves. But, if the home is too run down, you can’t get a loan in the first place. The 203k lets you buy and fix up a house in one transaction, allowing the lender to approve the loan despite its initial condition. Click Here To Read More.
Source: The Mortgage Reports