203B Home Loans - Fixer Upper Funds Wrapped Into Your Mortgage Loan

Great News! If you are thinking of buying a fixer-upper, you can now buy the home and wrap the remodeling expenses into your loan. It's an FHA loan with a minimum down payment of 3.5% (this can be gift funds). These loans are assumable, have no pre-payment penalties.

You can borrow up to $35,000 for the renovations on top of the purchase price of the home. Contact Paragon Property Group today if you are thinking of buying a home in the greater Austin or Highland Lakes areas. 866-693-7741 or email suemellett@yahoo.com

- RISMedia - http://rismedia.com -

Fixer-Upper Financing: 203k Program Provides Buyers with Renovation Funds

^[1]RISMEDIA, March 22, 2010—(MCT)—The word “as-is” can indeed be one scary phrase. Especially when buying a home in today’s market where foreclosures and short sales that need fix-up work are plentiful.

But a little-known Federal Housing Administration (FHA) loan program that’s been around since 1978 can help take the sting out of “as-is.” Only 219 borrowers took advantage of the FHA’s 203k program in 2009. Not that many lending and real estate professionals are aware of the program, say observers.

Last year, Tom Meyer found a classic Oakland, Calif., home built in 1925 near Mills College he liked a lot.