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RSS FeedPay for Home Repairs from Mortgage |
Posted at Committed to Bringing You Home by Frank Crowley
Jun. 1, 2009
Categorized in: Mortgages
HUD's 203K Renovation Loan Program
Right now, during 2009, another option has become available to home buyers who feel they cannot afford the home plus the repairs; HUD's 203K Renovation Loan Program.
For qualified properties, it is a loan program that allows borrowers to finance
repairs into a home purchase. Some homes need more repairs than
"standard" FHA financing will allow. But certain homes will qualify for a 203k loan. Sometimes, non-conforming homes, because of repairs, are "rejected" in underwriting - leaving you to cancel your escrow, waste time and maybe loose deposits and wasted money on appraisals and inspections.
This new option allows homebuyers to have more choices in selecting a home to purchase. Most, if not all repairs can be financed into their loan, with little out of pocket money. This program also allows the buyer to work with a Certified HUD Consultant throughout the process offering expertise and guidance to the homebuyer.
I found a website which offers all the information related to this new option available to home buyers. Consultant@203kHUDconsultant.com will answer almost all questions a home buyer has concerning this new valuable option.
Frank Crowley
Keller Williams Realtor
(760) 685 - 2380
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