what are some of the details of a mortgage with a home home improvement loan?
Fordie_ounces asked:
Im looking to buy a house that needs a good amount of work. I dont have extra money to pay for the remodeling. But I have read that i can possibly get some sort of home improvement mortgage that will give me extra money to fix up the house. Rather than buying the house and then having to get a reappraisal and then a home equity loan.
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Yes. That is true. It’s called an FHA 203 K loan. The costs of repairs and rehab can be included in the mortgage amount. It is a HUD loan available through local banks and lenders.
There are many details. The link below provides an overview.
If you are looking to buy in a rural area, or if you are in certain parts of the city, there are other programs to help you also, including Neighborhood Block Grants. You can find more information at your local Neighborhood Housing Authority office.