We have talked Ad nauseam on our blog about the benefits of the FHA 203k repair loan. But for those of you who are not familiar the 203k is a mortgage product that lets buyers purchase a home (that might be a fixer upper) and roll the cost of upgrades into the loan so you aren’t financing repairs on top of an already large down payment.
But from the buyers we have talked to who have actually used the 203k, one of the huge benefits is that doing a 203k mortgage prevents procrastination.
So how exactly does the FHA 203k loan save buyers from procrastination? Well it’s pretty simple, when you do a 203k you get the work done immediately by a qualified professional. In Fact the 203k leaves no room for any procrastination because the work is outlined in a contract! Instead of using a 203k many buyers choose to buy a fixer upper and then fix things up one project at a time until it’s all good. This unfortunately is a fantasy land that only occurs under perfect circumstances. People get busy, work comes up, you have kids and all of a sudden the time you thought you would have to fix up your fixer upper is gone and your home is still in shambles (and your significant other is NOT a happy camper).
Save you, and your family the time and headache and commit to the changes you want and have them be done forever correctly with the FHA 203k home repair loan.
FHA 203k: The official sponsor of stopping home buyer headaches.