20136j wrote at 2012-05-05 21:21:24
It is called a 203k loan. You will need near perfect credit to get one. It is suppose to be a tool to help you fix a home. Instead it hurts more that it helps because almost nobody can get one.
RJ wrote at 2015-04-14 00:23:24
You are looking for a 203K Loan. They are readily available, but not from banks. My daughter just closed a 203K loan. The house needed a LOT of work. Bathrooms were molded, roof was leaking, floor coverings were missing, house was built in 1976 and never updated or maintained. She paid $83,000, got a 203K loan for extra $30,000. Total mortgage was $113,000. House with repairs appraised for %219,000. Why such a good deal? Most people don't want to deal with the hassle of fixing up a sometimes disgusting house. In my daughter's case, her boyfriend has worked as a general contractor. They were both willing to put in huge amounts of time and effort into her house to make it a nice place to live for relatively little money.
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