Friday, January 19, 2018
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Randi F. Rainmaker
CLHMS, GRI, ABR, CCIM, ePro, EcoBroker
Gooder Group
2724 Dorr Ave, Ste 103
Fairfax, Virginia 22031

Office: 703-698-7750
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I’ve found the house I want, but it needs a lot of repair. Can I borrow money for both the mortgage and the repair?

Kitchen You love the house, but it needs work, and all your cash is going toward the down payment. Now, with a special government program, you can apply for a buy-and-repair loan to borrow enough to fix up the house as well as buy it. The program, which is the Federal Housing Administration's 203(k) loan, rolls the cost of repairs into the mortgage.
Under this program, buyers may be able to purchase a fixer-upper with as little as 3.5% in down payment. And recent changes in the program make it more user-friendly including a reduction in mortgage insurance costs and streamlining the approval requirements.

Qualified repairs, which must total at least $5,000, can include re-roofing, replacing windows, replacing a water heater or furnace, energy improvements, landscaping and providing handicapped access. Be sure to ask about local loan limits for this program, the same as for other FHA loans.
When we work with you, your concerns are our concerns. If we don’t have the answers you need, we’ll find them. Call or e-mail us, then get ready for a productive partnership.
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MAGIC Improve Your Chances Of Getting The Right Loan
MORE FOR LESS Six Tips For Getting The Best Loan
IDLE EQUITY Put Your Home's Equity To Work With Six Savvy Strategies
MORTGAGE Insider's Guide To The Latest Home-Loan Opportunities
SHELTER Six Little-Known Ways To Help Relatives Finance a Home
QUALIFIED How Much House Can You Really Afford?
OPTIONS Ten Savvy Ways To Pay For A HomeToday
LOWER RATE Seven Smart Ways To Reduce Your Mortgage
CREDIT REPAIR How To Move From Rejection To Approval
WHY REFI Five Great Reasons To Refinance Today
 
       
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