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.
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.
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.
Under this program, the mortgage is typically a combination loan that can be used to buy and rehabilitate a "fixer-upper" property.
The Purchase and Renovate Program is specifically designed for homebuyers who are buying a fixer-upper.
If you buy a fixer-upper, bring a knowledgeable contractor in with you for an estimate on repair costs.
Do you want a low-maintenance property, or a fixer-upper?