The 203K is a great idea however it is not capped at $35,000. If it is above $35,000 you would need the assistance of an FHA consultant. This is a great program to buy with becuase you can make the house a home and you dont have to provide the funds to repair the home. You can do almost anything except you must keep the original foundation. The biggest item is to make sure you are getting a deal so that the after rehab value is what will be borrowed against the home. Technically you can borrow 103% of the after improved value. Good luck in your purchase.
One Mortgage INC.
Senior Loan Officer
The product you are looking for is a FHA 203K. 1st Step Mortgage is located in Rockford and offers this product. Please contact me at the below email/phone to get more information.
Nick Nelson (NMLS#384413)
1st Step Mortgage Group
815-289-0880 - Cell
email@example.com - Email
Yes, it is possible. There is a HUD program called a 203K which has a limited version of up to $35,000 and a full blown version up to the FHA limit in your area. There is a Fannie Mae program as well and some local banks have limited versions of this as well to add in fix-up costs into the loan. Find a local lender who is familiar with these programs and knows which one will work best for you. Good success with your project.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
There are many HUD owned properties that can be purchased at an incredible price, and also offer funds for repairs. Lenders also offer programs that will match your needs. As a buyer's specialist, I would love to work with you to find the fixer upper you desire, and assist you in financing options.
Give me a call anytime.
Keller Williams Realty Signature