Posted by: kgreenrealestate | August 27, 2010

FHA 203k plan

With all the foreclosures and short sales in the mkt at current, most homes in this condition, need repair or serious upgrades to be livable. The FHA 203k plan allows a Buyer/Borrower the money needed to do such repairs and have the dollars required to be rolled into the mortgage. The home must appraise for the value at the time of completion on the repairs needed. A licensed contractor needs to draw up an invoice depicting the repairs to be done and the cost to do so. This gets submitted to the bank for approval, and provide a mortgage value that’s inclusive of home value and cost of repairs.


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