FHA Loan Program for Fixer-Uppers Information
Because a fixer-upper can be quite the challenge of fixing and make livable, the FHA has a program to assist you in the purchase as well as fixing of your home through a single mortgage. It is called the 203(k) mortgage and it will finance both the purchase of home and cost of remodeling through one single loan as opposed to worrying about multiple loans and complications, the FHA is trying to help these home buyers out the best they can. In order to obtain help from this program you are going to most likely have to hire a contractor to do the work and if you are going to be doing your own work you will still need to take into account that the work must be completed by a certain time and the cost of your own labor. For skilled labor individuals that are also purchasing a fixer-upper, doing it yourself within a certain time frame can be a difficult challenge to meet, so make sure to go the doable route and just hire a contractor, the investment made on one will be worth it in the end. Drop by Portland Mortgage Rates and get a great amount of information on mortgages.
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