Do you want a low-maintenance property, or a fixer-upper?
If you buy a fixer-upper, you probably won't spend too much money initially, but once the property becomes yours expect to shell out a lot for repairs.
If you buy a fixer-upper, bring a knowledgeable contractor in with you for an estimate on repair costs.
If you bought a fixer-upper or if you need funds to maintain or remodel your home, you may want to consider getting a home improvement loan to finance the project.
The Purchase and Renovate Program is specifically designed for homebuyers who are buying a fixer-upper.
Under this program, the mortgage is typically a combination loan that can be used to buy and rehabilitate a "fixer-upper" property.
The value of the fixer upper after the repairs are done must be the same or higher than the amount of the loan.
Contact FHA for more information regarding the 203(k) mortgage program for fixer upper loans.
Those looking to purchase a "fixer-upper" may be eligible for a loan that will allow any costs of remodeling to be covered in the mortgage.
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