Don't be afraid of an FHA Rehab Loan
Each week during the Real Estate Show, there is something that is said that really catches my ear. This past Saturday, (5-14-11) Sandy Boughton from Mortgage Express was our guest and we entered into a discussion about the FHA Rehab Loan. These are loans added to the mortgage to fix up a home to meet FHA lending standards.
In fact these FHA Rehab Loans run up to $35,000. While a lot of people, or agents, shy away from recommending this loan it seems it makes sense in many cases.
For example, you find a property you really like. But the home needs some updating and other remodeling before I can move into it.
Here is where the FHA Rehab Loan or 203K Loans come in. Under the program guidelines, you get estimates of repairs or applicances etc you wish to purchase for the home. It a contractor is needed that is included. You cannot do the work yourself.
The loan is made and the work must be completed before you move in.
With so many lower priced properties on the market in both Jackson and Josephine counties, it makes sense for some buyers to add an FHA Rehab Loan to the deal. Don’t miss out on property you want because of needed repairs. There is help available to make that house a real home for you.
Ask for agent or lender about FHA Rehab Loan or the 203K Rehab Loan. It might make the difference in your thinking about a purchase.