Posted by Contractor Connection
It’s a rare property that doesn’t need any improvements made upon purchase or before it can be sold, but some require extensive work, which can make it difficult to get a traditional bank loan. Did you know that there’s a special type of home loan designed especially for fixer-uppers? Called a Section 203(k) loan, it… Read more »
Posted by Contractor Connection
If you have the skills — and your lender’s approval — you could do the repair or renovation work yourself on a property that qualifies for a Section 203(k) loan from the Federal Housing Administration (FHA). And, if you’d also like to be your own general contractor, you’ll need to be licensed to do the… Read more »
Posted by Contractor Connection
Older homes, fixer-uppers or foreclosed, neglected houses aren’t at the top of the list for buyers looking for move-in ready homes. Others, however, see these properties as great opportunities and are using the Federal Housing Administration’s (FHA) Section 203(k) loan to purchase houses in need of rehabilitation. These loans differ from traditional mortgages in that… Read more »
Posted by Contractor Connection
If you’ve found a house in need of extensive rehabilitation to make it habitable but can’t obtain a traditional mortgage loan, you may be able to get a Section 203(k) rehab loan from the Federal Housing Administration (FHA). The loan program was created for those who want to repair a home in order to make… Read more »
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