Are you hunting for a bargain fixer-upper? Needless to say, there are many distressed homes on the market. These properties have two things in common: They usually need repairs on deferred maintenance and the prices are very low. As a result, many people are able to purchase a home who couldn’t do so before. The problem is that often the bathroom is a wreck, the flooring is damaged, and there are no appliances left. FHA comes to the rescue with the 203K mortgage, which

  • offers 3.5% down (gift funds are acceptable);
  • offers 30-year financing;
  • accepts a nonresident co-borrower (your parents’ income can help you qualify);
  • is assumable on resale (at today’s low rates); and
  • includes $35,000 of renovation in a first mortgage. 

If you’re interested, work with a mortgage professional who is experienced with both the 203K and the energy-efficient mortgage. These can be combined to produce an effective renovation solution.

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