Fixer-Uppers

Is a fixer-upper right for you?  Good deals can be found, but make sure that it will not cost you more in the long run.  A home inspection can help identify both major and minor problems.  Work the repairs into a budget and create a timeline of how and when you want to complete them.  Calculate additional financing for problems found along the way.  Call me, I can help you find the potential in a less than perfect house.

Check out this article from Realtor.com...

FHA 203(k) Loans to Fix Your Home
August 29, 2013
by Realtor.com

Want to buy a fixer-upper or rehab a home you already own? The Federal Housing Administration's 203(k) loans are for houses that are damaged or sorely in need of renovation.

If you’re buying a home, the loan covers the cost of both the property and necessary home repairs. The down payment requirement is low — currently 3.5 percent of the combined price of the home and repairs — and eligibility criteria are loose.

If you own a home that needs help, you can refinance with a 203(k). The loan can cover a vast range of repairs, including room additions, bathroom remodeling, roofing, flooring and air conditioning systems.

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