QUESTION OF THE DAY: (Buyer Question)
Can I purchase a home in need of major repairs with a FHA loan?
TAWANA'S ANSWER:
Because the FHA wants to make sure that the property is safe, secure and structurally sound, FHA will demand that any defects in the home (not meeting FHA standards) will have to be remedied before the loan will be approved.
There is another loan product that you may qualify for and is perfect if you plan to purchase a fixer-upper. This is the the 203 (k) rehab loan. You can find more information here:https://portal.hud.gov/hudportal/HUD…
Call, Text, or Email me, ANYTIME!
Tawana Bourne, REALTOR®
Berkshire Hathaway HomeServices NEP
tawanabourne@gmail.com
860-834-1220
Submit questions here: http://bit.ly/2KIQjm5
Can I purchase a home in need of major repairs with a FHA loan?
TAWANA'S ANSWER:
Because the FHA wants to make sure that the property is safe, secure and structurally sound, FHA will demand that any defects in the home (not meeting FHA standards) will have to be remedied before the loan will be approved.
There is another loan product that you may qualify for and is perfect if you plan to purchase a fixer-upper. This is the the 203 (k) rehab loan. You can find more information here:https://portal.hud.gov/hudportal/HUD…
Call, Text, or Email me, ANYTIME!
Tawana Bourne, REALTOR®
Berkshire Hathaway HomeServices NEP
tawanabourne@gmail.com
860-834-1220
Submit questions here: http://bit.ly/2KIQjm5
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