With the large number of distressed properties on the market, both short sales and bank owned, we are seeing more and more homes in a state of disrepair, missing fixtures and in need of some amount of significant work to make them livable. Add to this an economy where maintaining liquid assets is important and we have buyers who like a home but don’t want to spend all their cash bringing the house to a livable condition.
They don’t need to walk away from these homes if their Realtor or lender is familiar with the FHA 203k loan program which allows for the rehabilitation and repair of a single family home. The home buyer can get a long term fixed or adjustable rate loan to finance both the purchase and rehabilitation of the property. These loans are based on the projected value of the home with the work completed.
These loans are a bit more complicated and require some expertise from the loan officer but can be a perfect solution for a dream home in the rough.
If you or someone you know is considering buying, I would happily answer questions. I am available at the MagnumOne Realty office in Roseville at (916) 899-6571 and email at [email protected].
We specialize serving the needs of buyers and sellers of homes in the Sacramento area including Sacramento, Placer, El Dorado, Sutter and Yuba counties.
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