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FHA Rehab Mortgage loans (FHA 203K) are now available for homes that need repair before they will qualify for a standard FHA loan. Borrowers can borrow enough to buy the house and repair it as long as the house will appraise for enough once the repairs are done.
You can get a fixed rate with only a 3.5% down payment.
By going with a single loan, you can skip paying the extra expenses that a second loan would require. You also miss the higher interest rates associated with short-term lending. Your advantages include:
- 1 loan amount
- 1 interest rate
- 1 payment
- 1 “as-complete” value
- 1 round of closing costs
Low down payment requirement on new home purchase.
Refinancing or buying a home requiring structural repairs or major renovation