Buy a Fixer Upper with A FHA 203K Loan

The FHA 203K loan is a little known tool that many real estate and loan professionals have been using for many, many years.  A FHA 203K is very similar to the traditional FHA 203B loan...the only real difference is that with the FHA203K the home buyer is adding money upfront to their loan amount to finance any repair/improvement costs.  The traditional FHA203B loan requires that certain repairs to be done before the loan is made and the FHA203K loan allows the home buyer to purchase their fixer-upper and complete the repairs/improvements after the transaction closes. The other traditional FHA qualifications...appraisal guidelines, seasoning rules...still apply.  However, with the FHA203K loan the home buyer can fix up his/her home and not have to worry about the additional out-of-pocket expenses for the repairs/improvements.  A Fantastic Way to buy a Fixer-Upper!  Contact me on my blog site if you would like more info or check with your lender as there are two types of FHA203K loan programs.