But how do you finance the fix-up on your fixer-upper?
Consider an FHA 203(k) Loan. This renovation/rehab loan program combines a traditional home mortgage with a home repair loan, giving you the flexibility to buy a property that needs repair and fold the cost of those repairs into a single mortgage.
Features of the Streamline 203(k) loan offered by Allen Tate Mortgage:
- Finance eligible repairs or renovations as part of the mortgage – up to $35,000.
- Work must begin within 30 days of closing and be completed within 6 months.
- Renovation funds are placed in escrow and contractors are paid as work is completed.
- Eligible improvements include non-structural repairs and renovations including roofs, HVAC, plumbing, painting, appliances, decks, windows, doors, siding, ADA improvements and more.
- Loan also available for home refinancing in conjunction with improvements
- Loan limits apply; minimum credit score of 640 and minimum down payment required.
If your project totals more than $35,000 or is more structural in nature, Allen Tate Mortgage can also assist you with a “Full” FHA 203(k) Loan.