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Is there a gap between the home you want and the home you can afford? If so, you might consider buying a home that needs some love with a renovation loan. These loans allow you to buy a home and get the funds you need to cover the costs of repairs, remodeling or renovations to the property - all with one loan.
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 Could it be the outdated appliances, dark brown exterior, and wall-to-wall carpeting?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.