Being realistic and buying a home that fits your budget for the long term is smart. Buying a home in the lower price points of the market can pose a unique set of challenges. Most homes at that price points are priced that way because of needing repairs or upgrades. Which can be a problem with FHA financing. So how do you buy a home needing repairs with FHA financing? The answer, FHA's 203(k) Mortgage. The Section 203(k) program is FHA's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization, as well as to expand homeownership opportunities.
Click here for more information: https://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k
The FHA's 203(k) program is a great option for buyers whose price point puts them in fixer only property choices. It was essential to the recent success Sierra Foothill Properties just had connecting a buyer with a fixer home they love that they may not have been able to purchase without the FHA's 203(k) program.