If you are buying a home through FHA, you should check this out. Have you looked at a home and thought it would be perfect if only the kitchen was updated? Or had newer carpet? Different bath fixtures? Now you can buy the home and have the work folded into the mortgage.
The FHA 203k Renovation loans allows repair/renovation costs to be rolled into the loan. Major items are allowed; foundation repair, kitchen & bath rehabs etc. Low down payment (3.5%) and seller can pay up to 6% towards closing costs. Only one closing. Money disbursed on a draw basis. The loan can go up to 110% of the “after improved value” from the appraisal.
Interested?? Give us a call: 630-803-2437.