Created 31 years ago, the Federal Housing Administration's 203(K) Loan Program is finding new life with owner occupants who want to purchase a home, refinance, or rehab their homes.
Eligible owners can get an all in one loan to purchase and renovate the property.
203k loans allow you to FINANCE the cost of the repairs in the new loan amount. (Not to exceed 110% of the after improved value determined by the appraiser and 203k consultant) What does this mean? I buy a house for 200,000 that needs 50,000 in repairs and I can borrow the extra 50,000? Too good to be true? NOPE. That’s it in a nutshell….
ok details please………http://www.buylowreo.com/?cat=5
Fast REI Deals
Saturday, August 15, 2009
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