Mortgage Advice

Buy that Rough Bank Owned Property and Change it into Your Dream Home

In this current real estate environment , don't be afraid of a home that is in rough condition. You can pick out new carpet, get new appliances, put in beautiful kitchen cabinets, upgrade the bathrooms and still only put 3.5% down! Buy it at a low price and fix it up the way you want it.  With the FHA, government backed Streamline 203k Mortgage you can finance up to $35000  in repairs into your mortgage to improve or upgrade your existing home or make repairs on a rough home you want to buy. That's right, if you find a bank owned house  that needs updated, you can finance those repairs into your mortgage and still have a downpayment of only 3.5%.

But, this is really wild, you can use this remodeling mortgage on the HUD $100 down mortgage, too. That's right, for example, buy a home for $90000 let's say, put $15000 in rehab into it and still only have a $100 down payment! Of course it would have to appraise for $105000, which isn't always easy to accomplish, but if it did, what a deal for you. And... if you are first time buyers, you can get an $8000 tax credit. What a country.

Avoid using credit cards for your home improvements. Keep your cash for furniture and decorating. Homes in all of Ohio are eligible. This Handyman mortgage can be used for owner occupied 1-4 family dwellings, town houses,row homes,HUD repos,condos or planned unit developments. Closing takes place before the repairs are done and the rehab money is placed in escrow.

Do not be afraid of those dumps out there, they may be diamonds in the rough. Keep this mortgage in the back of your mind. You could have all new carpet, new cabinets, new appliances, new everything and end up with the home of your dreams.