A government financing program covers both purchase and renovation costs for single-family houses and multifamilies up to four units.
The FHA 203K loan is a great opportunity for all Buyers to pick up a home that needs work, and they can finance that work into the purchase price. INDEED, you want to plan for a longer time in your Purchase and Sale Agreement to close due to the additional steps needed in getting this type of loan. You will have to have estimates done as to the cost of the renovations, and make sure that those costs will help the property appraise once the work is finished.
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