Today’s great real estate buys may provide more opportunity than you think!
Published by Tei Baishiki under General.
The foreclosure market, coupled with low interest rates, has provided opportunity for buyers that we haven’t seen the likes of for years; however, many potential buyers can be discouraged from taking the step to purchase due to the improvements necessary to bring the property up to desirable living standards.
If this sounds familiar, take a look into the 203K Loan Program, a loan designed so that borrowers can obtain just one mortgage loan at a long-term fixed (or adjustable) rate to finance both the purchase and rehabilitation costs of the property with a down payment of approximately 3%. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.
While most buyers would likely be interested in a one to four family dwelling, a complete description of eligible properties is available at http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm.
Terri Adamo
Franchise Sales Director
Terri.Adamo@rwnc.net
