Most buyers are looking for “move in “condition homes. However many buyers are now beginning to recognize that foreclosed or bank owned homes even in rough shape, present more value in the long run for them.
Consider FHA’s 203K loans for homes in need of improvement and repairs. The FHA section 203k program is specifically designed to rehab and provide repair dollars for single family homes. This includes improvements to the kitchen, bath rooms and basement for updates and upgrades.
The most popular version is the 203k “streamline” loan. This is limited to $35,000 for the rehab portion of the purchase. The streamline version is for cosmetic improvements only. Structural improvements fall into the regular 203K program.
If you desire more information regarding this program, e-mail us at piketteamrealtors@hotmail.com or call 630-803-2437.