Attention homebuyers. . a type of loan that could make it possible for you to buy a dilapidated foreclosure and borrow the money to fix it. . .
Introducing the 203K Loan
Properties that are sold “As-Is” often would not qualify for a standard FHA loan. However, 203(k) loans are designed to improve, update, repair and even modernize the home.
This loan enables borrowers to purchase foreclosure properties that require repairs.
Most HUD Foreclosure properties are eligible and you could benefit from a 203k loan.
Up to 110% (100% on condominiums) of the as-improved value of the home may be used as basis for mortgage calculations . Its best to consult with a professional before you decide to go towards this path. .
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Buyer Specialist – Foreclosure Expert
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Herboso & Associates llc
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