A Little-Known Loan Program for Fixer-Uppers StarNewsOnline.com
Ever thought about buying a fixer upper property in Wilmington NC but were overwhelmed with the costs of renovation and the cost of the purchase of the home? There is a FHA loan program that not many people know about. It is the FHA 203k loan program that allows the homebuyer to add the renovation costs into the loan amount and only pay a down payment of 3.5%. Investors are not allowed to use this program.
The program has been around since 1978, but not many people know it exists. The homes don't have to be falling apart, they could need updating. The real estate would have to appraise under market value and then at market value with the repairs added in. You also can get this financing on a principle residence if you are buying a short sale or foreclosure. So..... call us to start looking for Wilmington NC real estate and fix up the home the way you want it. Please view http://www.cbbaker.com/ for all your real estate needs whether buying or selling. We can help you get started with a lender as well. Perfect time to buy a home.
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