203K – Is it for Me?

“Fixer-Upper” What does that phrase really mean? By definition: Noun 1. fixer-upper – a house or other dwelling in need of repair (usually offered for sale at a low price) Some people shy away from these types of listings because they do not have funds available up front to complete repairs and renovations. Sometimes, repairs and renovations are required for the house to even be habitable. If you have found a fixer-upper that you are interested in purchasing, but don’t have the cash to remodel it; consider the 203(k) mortgage program. What Exactly Is It? The Federal Housing Administration’s rehab loan product, the FHA 203(k) loan, was designed for individuals who want to rehabilitate or repair a damaged home so they can live in it as their...

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