There is something out there called a HUD 203/K.
What is it and who’s it for? It’s for a homebuyer who wants to purchase a foreclosure home (an REO) but doesn’t have the necessary funds on hand to complete the repairs or modernization.
The Rehab program allows the buyer to secure just a fixed rate or adjustable mortgage to finance both the mortgage of the property AND the rehabilitation needs. It’s endorsed by HUD which in turn minimizes the risk to the mortgage lender.
Of course with all mortgages and financing of your home there are requirements that must be met. So talk with a lender today to find out if you qualify and would like to take advantage of this program.
Call us if you would like to discuss further how maybe purchasing a fixer upper might just be for you.