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Amerifirst blog

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60 Second Mortgage Tip: Buying a Fixer Upper with the FHA 203k

fixer-upper-fha-203k.jpgFixer-upper homes are the norm in today's housing market. Whether it's home owners who quit maintaining their homes because values dropped, or bank-owned homes that have stood vacant for 12 months, home buyers today will come across all levels of houses in need of some TLC. But this doesn't mean you have to do all the work yourself or come up with a huge stash of cash to pay for the work up front. There's an option when it comes to home improvement loans that lets you borrow money on top of the value of the home, based on the after-improved value. It's called the FHA 203k.

Download the FHA 203k Survival Guide here and learn more.

You can buy a fixer-upper home and have the repairs & home improvements done by a professional, rolling the costs into the life of the mortgage. Learn about the FHA 203k in this :60 video.

Problem seeing the embedded video? See it here: 60 Second Mortgage Tip: Buying a Fixer Upper with the FHA 203k 

Fixer uppers -- it seems to be the usual route when buying your first home. But do you really have to put in all those hours of do-it-yourself work to save money? Here's the secret: no you don't. You have an option in today's mortgage world to finance the home improvements you want or need. It's called the FHA 203k. You can roll the cost of home improvements into the life of the mortgage, all in one monthly payment. Want to know what repairs are eligible for this? Watch other FHA 203k videos we've done, and download the free guide down below.

Renovation Guide

(fixer-upper photo: Flickr user aimee.craze)

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You've found a home in a neighborhood where you've always wanted to live. And you can snatch it up at a good price. So what's stopping you?   Could it be the outdated appliances, dark brown exterior,  and wall-to-wall carpeting? It might not be your dream home just yet, but with an FHA 203(k) renovation loan, it could be. With this loan you can purchase the property and get the extra funds you need to remodel, repair, and renovate. It's unique because you can borrow the funds you'll need based on what your house is expected to be worth after the renovation is complete. 

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(photo: Styron Batchelor, third from left; Loan Officer Mark Bynum, third from right; Loan Officer Assistant Jeff Jones, second from right)

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