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Imagine this scenario, you have been on the house market for months now and are getting exhausted going from house to house trying to figure out which place is best for you and your family, then all of a sudden one day you come across this place that is close to where you live, in a good school district and has a great selection of stores, banks and shopping centers nearby. This house is close to your friends, relatives and even your mechanic. Sounds like it would be a no brainer. The only issue is that the house was built in the 70s and is currently falling apart. The structure itself is fine but it does require a little work, a fixer upper if you will.
Getting a fixer upper can be risky you really have to invest time and effort into making it look and feel like a home. This process can be pretty costly and might make you want to reconsider moving in. What a lot of people don’t know about though is that there are some great options for individuals and families who are looking to finance a home that needs renovations or remodeling. An FHA 203k loan is designed to make it easier for anyone interested in purchasing a home for the sole purpose of remodeling it. It allows for home buyers to get a long term mortgage for the acquisition of the home and allocates a set amount for the sole purpose of renovation and rehabilitation of the property. That means anything from changing up the kitchen to demolishing an entire portion of a house and rebuilding on the land that remains.
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Personal Capital lets you see all of your accounts in one convenient place. Sign up now for free.This is a real game changer! There are some great properties that are ideal but might require some remodeling or construction. A 203k loan makes it easy to literally build the home of your dreams. Breaking ground on a home might be costly whether it’s a small project or an entire reconstruction. Between labor, equipment and time it can get pretty expensive. Having this expense lumped into one mortgage payout with a low rate might be a good way to go. Maybe now you’ll reconsider moving into that place after all.
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