Buy a homethat needs repair, improvements, or just updating and include the costs on top of your purchase price. No need to take out a 2nd mortgage after you close or miss out on a excellent deal because it wouldn't pass an inspection. Keep all financing in one loan at the lowest interest rates available. Below are the three options available.
203K/REHAB STREAMLINE
* 640 Minimum Credit Score
* Up to $35000 in Renovation Costs
* Can be any home.
* 3.5% Down Payment
* Normal FHA Guidlines for Income, Assets,and credit apply.
* 660 Credit Score Minimum
* Up to $35000 in Renovation Costs
* Only Eligible for FANNIE MAE properties
* As low as 3% Down Payment required
* Normal Fannie Mae Guidlines Apply
HomeStyle
* 660 Credit Score Minimum
* Up to 50% of Purchase Price in Renovation Costs
* Any home can be ELIGIBLE
* As low as 5% Down Payment Required
* Normal Fannie Mae Guidlines Apply
