Loans Available To Buy A Fixer-Upper
The Federal Housing Administration has a loan program, 203(k), that offers borrowers money to buy and repair a fixer-upper. The loan can be used for the purchase of the house and the cost of the repairs.
To be eligible, borrowers must plan to occupy the home; investors are not eligible.
Loans are available at fixed rates for 15 and 30 years.
Properties that are eligible are: single-family homes, condominiums, townhouses, mixed use buildings, and buildings with one to four units.
An FHA approved consultant will inspect the home and estimate the cost of your construction. The consultant also will assist you in determining the scope of repairs and budget the costs for the renovation job.
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