Buying a House? How About a Fixer-Upper?

FHA-203k-home-repair

Are you having a hard time finding a property in your price range?
Have you considered a fixer-upper?

Finance House and Repairs

If you find a house with potential on the lower end of your budget, an FHA 203K rehabilitation loan allows you to finance repairs and the house purchase in one loan.

A bedroom addition, a family room extension, an upgraded kitchen and a bathroom remodel are a few of the options available to you with an FHA 203K rehabilitation loan.

Five Reasons to Consider FHA 203K Loan

  1. Turn an average home into a dream home. Qualifed homebuyers can improve less-than-perfect homes in desirable locations or address property shortcomings immediately without draining savings.
  2. Make the home your own – removing the previous owner’s style. Everyone has different tastes – you don’t have to live with the previous owner’s choices.
  3. Fix things the previous owner may have ignored – windows, roof repairs, etc.
  4. Get more house for the money. REOs and foreclosures are still a large part of the real estate inventory. Buyers can take advantage of reduced home prices.
  5. Rolling rehabilitation costs into the mortgage allows borrowers access to repair funds at lower rates.

FHA 203K Program Eligibility

  1. Down Payment – 3.5% of total amount of purchase plus costs of repairs – gift funds allowed
  2. Seller contributions – seller may contribute 6% of purchase prices toward closing cost and prepaids
  3. Purchase of owner occupied primary residence that have been completed for at least one year.

More Information on FHA 203K Loans

Contact a licensed Inlanta Mortgage loan originator for more information on FHA 203K rehabilitation loans. Use our branch locator to find an office near you – or apply online now.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recipient of a 2012 Top Workplace Award and wasn’t recently named a Top 100 Mortgage Banking Company in America 2012.