Lake Tillery,Stanly County Real Estate resource

Whether it's a foreclosure, a short sale, homes that need work are often a smart buy. 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 FHA Streamline 203(k) loan

• Finance eligible repairs or renovation 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 places 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 and minimum down payment required.

To get the most from your 203(k) loan, it's important to find the right property as well as a Realtor who knows and understand the program. Call me and I'll help you navigate the renovation loan process and turn that fixer-upper into your dream home.