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Maryland Fixer Upper Homes Financed with FHA 203(k) Loans

Posted at Homefinders by Lenn Harley
Sep. 22, 2008

MARYLAND AND NORTHERN HOME BUYERS TURN FIXER UPPER REAL ESTATE INTO BEAUTIFUL HOMES with HOME IMPROVEMENT LOANS

Fixer-Upper homes can be a good choice for home buyers with a vision.

Question: WHAT ARE THE ADVANTAGES?

Answer:  YOU CAN BUY A HOME AT A DISCOUNTED PRICE AND FINANCE THE REPAIRS AND UPGRADES OR IMPROVEMENTS.

With conventional rehab loans and the FHA 203 (k) loans, a buyer can find a home in their price range and location of choice, buy the home and in one loan, pay for the home AND the upgrades done after settlement. 

ALL THE HOME BUYER NEEDS IS A VISION 

Rehabilitation Home Maryland   Fixer Upper Maryland

Upgrades may include new windows, landscaping, steps, siding, roof, deck, garage, and more.

           Fixer Upper Homes * Foreclosure * Rehab Homes * Upgrade Kitchens * Repair Homes for Sale 
               Sweat Equity * FHA 203 (k) Loans* Conventional Rehab Loans * Home Improvement Loans

There are many properties on the market that, with some repair and modernization, would make wonderful family homes.  Further, many home buyers understand that, after making upgrades and repairs to a house, the owner can realize a significant increase in property value.  The appraised value of the home following the repairs and improvements will be significantly higher than the cost of the home.

STEP BY STEP process to buy a fixer upper and make it into a beautiful residential property.Home for sale Maryland

Parties in the transaction include
        The Home Buyers
        The Buyer's Agent
        The Home Inspector
        The Mortgage Lender
        The Contractor
        The Consultant (FHA Loans)
        The Appraiser
        The Title Company

A GOOD BUYERS AGENTS IS THE FIRST STEP.   The home buyer is the most important party in the process of buying a fixer upper.  We, their Buyer's Agents will show them a number of properties in their qualifying price range.  However, the home buyer must have the vision to know that when the upgrades to what is now an old kitchen with old appliances and cabinets, after upgrading, the kitchen will be not only functional, but beautiful and with "state of the art" appliances. 

Fixer Upper MarylandFixer Upper Maryland

Upgrades may include new cabinets, new flooring, new appliances, paint, additional features such as islands, counter tops, upgraded plumbing, electrical, and more.

THE BUYER'S AGENT HAS THE EXPERIENCE. Where the home buyer has the vision, the Buyer's Agent has the understanding of the rehabilitation loan process to help the home buyer realize their goal.  Working together to locate the property that suits the price and location needs, the Buyers Agent will manage the contract process from search to settlement.   It is the Buyer's Agent that coordinates the home selection, feasibility analysis, cost estimates, contract management through to the settlement with the seller who may be a foreclosing bank, investor or home owner with no funds to make repairs or upgrades to put the home in good marketable condition.

Areas in Maryland where many foreclosure and vacant properties suitable for rehabilitation loans may be located include:

MARYLAND foreclosure and vacant home locations include: Annapolis, Beltsville, Bowie, Clinton, Columbia, Denton, Ft. Washington, Frederick, Gaithersburg, Greensboro, Hyattsville, Lanham, Laurel, New Carrollton, Pasadena, Ridgly, Silver Spring, Upper Marlboro, Waldorf and more.  

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-Mail.                                  

                      search listings      Homefinders Network

SEARCH LISTING OF HOMES FOR SALE IN MARYLAND AND VIRGINIA HOMESDATABASE.COM - All active listings from the MLS in Maryland and Northern Virginia.  Experienced Brokers and Agents ready to help.

WE CAN HELP!   

User Comments

1. RE: Maryland Fixer Upper Homes Financed with FHA 203(k) Loans

Written by: Mark
Nov. 17, 2008

I have an existing home on 2.72 acres. I wish to put a new Manufactured home on the property. Most banks won't let me roll in my existing mortgage into the new home loan. Can you be of any help?

Thanks in advance,

Mark

2. RE: Maryland Fixer Upper Homes Financed with FHA 203(k) Loans

Written by: Patrick Jeary
Jul. 14, 2010

Hey I really like your blog and the given information about real estate. Great information.

 

Click here for: Fort Lauderdale Houses

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Homefinders

Blog by Lenn Harley
Frederick, Maryland

Help for home buyers in Maryland and Northern Virginia. Homes for sale. Special discounts on new construction. Sales of homes in inventory. Resale home opportunities for Short Sales and Foreclosures. Search Homesdatabase on Homefinders.com web site to preview all active home listings, new and resale, Maryland and Northern Virginia real estate.

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