Have you seen a home that you absolutely love but it needs repairs? I have just the answer for you!
If you want to purchase a house that needs a lot of repairs before it is ready to be occupied, an FHA 203(K) loan can be used to complete the transaction.
FHA’s Limited 203(k) program permits homebuyers and homeowners to finance up to $35,000 into their mortgage to repair, improve, or upgrade their home. Homebuyers and homeowners can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or an FHA appraiser. Homeowners can make property repairs, improvements, or prepare their home for sale. Homebuyers can make their new home move-in ready by remodeling the kitchen, painting the interior, purchasing new carpet etc.
In short this is how the process works. I would be happy to help you from start to finish. First we locate a lender that is qualified to work with the FHA 203(k) loan as not all lenders are approved to do this type of loan, find a suitable property that needs repairs if you have not already done so, negotiate and secure an accepted contract on this property, from there the lender will work on your loan process and once the loan is approved a date will be set to close on the home. At closing the seller of the property will be paid. The money for rehab costs will be placed into an escrow account that is controlled by your lender and after closing your contractor will begin the work. Periodically your contractor will report the work that has been finished and the lender will order an inspection of the work and considering it has been completed properly the lender will issue a draw to the paid to the contract out of the escrow account.
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South La Home Sales team 225-304-3495
Wayne Clark Realty225-330-8441 Licensed to sell real estate in Louisiana