“I’m fixin a hole where the rain comes in…” The Beatles
Did you know that there are loans available for home buyers (first time buyers, move up buyers, investors) that allow them to pursue a fixer, or rehab property, and allows them to put the costs of work to be done into the loan itself. This is a great option for first time buyers that don’t have a lot of cash on hand to do repairs and want to purchase an affordable home. This is also a great option for those pursuing investment property that may have been lived in a little on the hard side.
The repairs don’t have to be major. It can be for items such as new carpet, paint, new kitchen appliances, all the way up to larger repairs including new roof, siding, moving walls, etc.
One specific loan that many buyers are using to pursue these properties is an FHA 203K loan. If you have any interest in learning more about this and other rehab loans, please contact me and I’ll put you in touch with a reputable lender who specializes in these loan products.