Mortgage Advice

I have realtors tell me there are a lot of distressed properties in the marketplace today. Record number of foreclosures and short sales have flooded the market. Of course, when people are about to lose their homes, they stop maintaining them and they fall into disrepair.

But, FHA offers a program that allows the buyer to finance up to $35000 of repairs into the mortgage and still have only 3.5% down payment. Get a good price on the purchase and fix it up and have a beautiful home to live in. FHA allows this program on their $100 down program, also. That is the ultimate deal! Buy a rundown property, fix it up and have only a $100 down payment.