Home loans are at all-time lows and now a new program is helping home buyers purchase a home and fix it up all with the same loan. The program is helping homeowners buy homes they might not have considered otherwise.
Mike Molina is a Loan Officer with City Wide Home Loans and explains how the program works.
What is the 203k ready Home Improvement Loan?
The 203k ready Home Improvement Loan is a program that allows you to get a loan to purchase a property AND get additional loan money to fund improvements. These funds are paid directly to a hired contractor. The home loan and improvement loan monies are combined into one, easy payment. You can also refinance your current home AND get additional loan money to fund improvements.
How much money do I need?
The 203k ready Home Improvement Loan is an FHA loan with down payments as low as three and a half percent.
How much money can I borrow?
You can finance up to $35,000 in home improvements. Plus, energy efficient improvements don’t count toward the $35,000 – you can borrow an additional $8,000 that you don’t even have to qualify for.
For more information, visit http://203kready.com/