Lately, we’ve been looking at some homes that are “jewels in the rough.” So the question that is always asked is “How can we finance a home in this less-than-perfect condition?”
Cash financing is always the easiest, because no mortgage is required. But what if you don’t have a enough saved to purchase the home of your dreams that needs a little love? What if the Bucks County property you’d like to purchase won’t qualify for a Conventional Mortgage? Below are a few options:
HomeStyle Renovation Loan
The HomeStyle Renovation mortgage permits borrowers to include financing for home improvements in a purchase or re-finance transaction of an existing home.
https://www.fanniemae.com/
FHA 203k Loan
Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.
Always be sure to talk with a mortgage professional to discuss your options. And if you’d like to visit homes for sale in Bucks County that need work give me a call at 215-534-1639.
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