Think about a 203K Loan for that Fixer Upper
I get a real creativity buzz from seeing homes that need a “facelift” if you will. Fortunately, the Washington, DC area is filled with homes that need some form of updating whether big or small. For some properties, you may have to compete with developers who have cash to close the deal in a third of the time it would take for a conventional loan to close. For other properties that may need some renovations but the asking price does not yield a high enough profit for developers, the FHA 203K loan program may be the best option for you.
FHA’s 203K-loan program is designed to finance both the acquisition cost and renovation expenses conveniently in one loan. This loan product gives you the opportunity to make that fixer-upper your dream home!
Here are some general facts about 203K loans:
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