The Federal Housing Administration (FHA) administers various single family mortgage insurance programs that operate through approved lenders who submit applications to have the property appraised and the buyer's credit approved. One of these programs is called the 203(k). This is the primary program for the rehabilitation and repair of single family properties. 

One problem first time home buyers  are having in seizing the buying opportunities out there is that after their down payment, they don't have enough money to fix the property so that it is livable.  Most lenders also will not finance a property that is not in good or at least fair condition.  That's where this program comes in. 

The borrower can get just one mortgage loan for a long term fixed or adjustable rate to finance the property at the projected improved value there-by financing not only the purchase but also the work needed to bring the property to that value. The funds to improve the home are held in escrow and released as the work is proved to be completed.

The best way to accomplish this is to work with a Real Estate Agent who is up to speed on the ever changing opportunities in your market and a lender who is FHA approved.  I know of a couple of steals out there now.  Call or mail me to get started.  You can also go to www.homesoffairfieldcounty.com to start your home search.

Victoria Lorusso

 

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